CVC has sold a further stake in the F1 business in the aftermath of the decision to postpone the planned float on the Singapore stock exchange.
On May 22 CVC announced that it had sold 21% of the F1 company to Waddell & Reed, Norges Bank and BlackRock, for a total investment of US$1.6 billion in cash.
Waddell & Reed and its associates have now spent a further $500m, bringing its share up to nearly 21% on its own.
A CVC statement said: “CVC Capital Partners is pleased to announce that several funds managed by Waddell & Reed Investment Management Company and Ivy Investment Management Company have today agreed to invest a further $500m in a private placement in Formula 1 at $9.1bn enterprise value, increasing their aggregate stake to 20.9%.”
It remains to be seen what the long term plans are regarding the IPO.