US-Qatar led group looking to bid for control of F1
An American-Qatari led investment and sporting group is looking to buy a majority stake in Formula 1 according to well-placed sources.
Stephen Ross, owner of the Miami Dolphins American football team and RSE Ventures, is working with investors from Qatar to bid for CVC Capital Partners' 35.5 per cent stake in the holding company that currently owns F1.
It's believed the deal could be worth upwards of $8 billion (£5bn) according to The Financial Times.
Both CVC and RSE Ventures declined to comment on the reports, whilst Qatar Sports Investments was unavailable for comment.
The move, if successful, could see F1 build a stronger presence in the American market, something which remains relatively untapped with IndyCar and Nascar dominating
It could also see additional races in America, with just one at present in Texas after a potential deal to race in New Jersey fell through.
CVC is known to be looking to offload its share in the sport. In 2012 it came close to floating the business on the Singapore stock market. It has also held sale talks with US-based Liberty Media and Discovery Communications.
However a deal with RSE and Qatar Sports Investments could bear fruit, with reports the group have appointed investment banks to advise on a deal, suggesting that talks could be at an advanced stage.