AUGUST 2, 2008
CVC and Ecclestone "clarify"
CVC Capital Partners has issued a press statement saying that "press speculation" about them is not true.
"We have no plans to sell our stake in Formula 1," the statement said. "We see our investment as long term and we are pleased with its performance to date."
The statement went on to say that the Formula One Group continues to be led by Bernie Ecclestone and that "there are no plans to replace him". CVC added that "we are delighted with the results of the business under his management".
The statement also says that there is an agreement in place between 2008 and 2012 which governs the division of income generated by the sport.