Ecclestone sells his shares

Bernie Ecclestone has sold his shares in Formula One’s parent company.

Ecclestone, the commercial mastermind behind the sport’s success, had owned 25% of the Formula One Group through his Bambino Holdings trust, along with three banks, including Bayerischen Landesbank.

A short statement today confirmed that Bambino and BayernLB have sold their shares in Formula One to CVC Capital Partners, a private equity company.