(GMM) Formula one's road to peace is being held up by its new owner, McLaren principal Ron Dennis revealed this week.
He said the carmakers' disgruntled 'breakaway' group is having trouble dealing with 86 per cent shareholder CVC Capital Partners, because the buyout deal is yet to get EU approval.
''At the moment (it) does not own formula one,'' the Briton told Reuters.
Dennis suggested that there is also an 'issue' with Lehman -- a third bank that is yet to agree to sell the final 14 per cent of the formula one business.
It is still expected that, legally, Lehman could challenge CVC's right to buy the sport before any of the three banks were offered the shares.
Such a scenario could scupper the whole CVC deal.
Dennis, the Woking based team principal, added that until the issues are resolved, CVC is 'not in a position to sit and talk to us.'
Written: Fri, 16 Dec 2005 09:50:12
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- September 17, 2008CVC likely to buy Lehman's share
- October 21, 2007F1 owner buys GP2 for $300m
- December 08, 2006F1 owners to repay $313m debt
- September 16, 2006CVC make two appointments
- August 08, 2006CVC 'nervous' about F1 investment - source
- July 20, 2006F1 owner CVC sells MotoGP for $626m
- April 01, 2006CVC expands its F1 empire
- March 21, 2006CVC take-over gets EU clearance
- March 03, 2006F1's 'CVC' sale delayed
- December 16, 2005F1 peace must wait - Dennis
- (December 16, 2005)View all headlines from this date
