Oct.19 (GMM) F1's 100 per cent owner CVC Capital Partners has bought GP2, the second-tier support category.
The news emerged not after an announcement but in company documents, which show that in August, GP2 owner Bruno Michel signed an agreement with F1's holding companies that comes into effect "from the completion of the sale".
Michel remains on the GP2 board.
CVC, a British company that buys other companies to "build businesses in partnership with management", began buying formula one from Bernie Ecclestone and other shareholders in 2005.
The GP2 deal is estimated at about (US) $300m.
The series, staged mostly as support races for F1 events, was launched in 2005 as a replacement for Formula 3000. The first title was won by Nico Rosberg, followed by Lewis Hamilton in 2006 and Timo Glock this year.
Written: Sun, 21 Oct 2007 11:14:56
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