Chinese investors back takeover bid for F1, report

Eleven years after China became a stop in the Formula One motor racing calendar, the country now wants to become the racing championship's owner.

According to a Sky News report on Friday, China Media Capital is leading a group of Chinese firms to back a $8.5 billion takeover bid for the sport.

The group of Chinese media investors are willing to invest roughly $1.5 billion in the offer being assembled by Stephen Ross, owner of the Miami Dolphins American football team, Sky News said.

The proposed takeover of F1, which remains far from certain to take place, still requires roughly $2 billion in additional equity from other investors.

by China Daily News (see full article)