Lehman Brothers to sell F1 stake for $1.5bn

The collapsed US bank Lehman Brothers has committed itself to cashing in its stake in Formula One motor racing within two years, according to documents released as part of the ongoing unwinding of the company. The stake is expected to yield a $1.5bn (£950m) payout to Lehman's creditors, who are owed $450bn.

Lehman's estate has emerged from bankruptcy protection and confirmed that its first payment to creditors, which include hedge funds, money managers and businesses, will be made in April. It is expected to exceed $10bn and in total creditors will get around $65bn. Other assets that could be sold are a hotel in Hawaii, a Rockies ski resort and a Manhattan boutique hotel.

Lehman is the second-biggest shareholder in Formula One's Jersey-based holding company, Delta Topco, which is majority-owned by private equity firm CVC. Lehman owns a 15.3% stake and a senior Formula One source says that Topco is worth "more than $10bn".

A sale could open the door to new investors in Formula One, which has been a subject of much discussion in the past year. In April, the media group News Corporation said it was considering a bid with the Italian firm Exor. Abu Dhabi sovereign wealth fund Mubadala and the world's richest man, Carlos Slim, were also believed to be interested and in November Formula One's chief executive, Bernie Ecclestone, said he had been advised to float the business in Singapore rather than sell it.

Lehman's $639bn bankruptcy remains the largest in US history and marked the demise of a company that had survived the Civil War and the Depression.

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