March 27 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,
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
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
The dividend will be funded through a redemption of
shareholder loan notes, Sky said.
CVC could not be reached for comment outside of regular
($1 = 0.6019 British Pounds)
(Reporting by Richa Naidu in Bangalore; editing by Andrew