Formula One investors to share a $332 million dividend - Sky
March 27 (Reuters) - The board of Formula One parent Delta Topco agreed this week to issue a $332 million dividend for last year, British broadcaster Sky News reported on its website, citing sources.
Private equity firm CVC Capital Partners, the largest shareholder in Formula One, will be the biggest recipient and take away nearly 80 million pounds ($132.90 million) of the payout, Sky said. (link.reuters.com/xeh97v)
It added that the estate of Lehman Brothers would receive about $40 million of the dividend, while Formula One's billionaire Chief Executive Bernie Ecclestone would take about $17 million through his 5.3 percent stake.
Other F1 shareholders include the fund managers BlackRock Inc and Waddell & Reed, Norway's Norges Bank and the municipal retirement fund of Texas's teachers.
Sky, citing sources, said Delta Topco's board had discussed issuing a substantially higher dividend, but decided against incurring the additional debt such a move would take, hoping to revive a possible flotation.
CVC put off plans to float Formula One in Singapore in the middle of last year because of market turmoil. It said in November that IPO plans remained stalled due to Ecclestone's bribery charges.
The 83-year-old Briton, whose trial opens next month in Munich, Germany, is accused of bribing a former BayernLB bank executive in 2005 to steer Formula One's sale towards CVC, which wanted to keep Ecclestone on as chief executive.
The dividend will be funded through a redemption of shareholder loan notes, Sky said.
CVC could not be reached for comment outside of regular business hours.
($1 = 0.6019 British Pounds) (Reporting by Richa Naidu in Bangalore; editing by Andrew Roche)
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