F1: Ecclestone Sells 37.5 per cent of Formula 1
Motor racing - 21 Feb 2000
Bernie Ecclestone has clinched a multi-million pound deal to sell 37.5 per cent of his Formula 1 business to San Francisco-based private equity firm, Hellman & Friedmann. Differing press reports claim the figure is between ú445m and ú625m. Morgan Grenfell bought 12.5 per cent of Slec, the Ecclestone Formula 1 holding company, last October for ú234m but failed to organise a group of investors to take a further 37.5 per cent The sale values Slec at ú1.7bn and leaves the Ecclestone trust with 50 per cent of the equity. Hellman & Friedmann is expected to appoint two new directors to Slec's board.