- Company:
- Formula One Group
- Industry:
- Sports Rights Management
- Sector:
- IT/Media
- Current/Previous:
- Current
- Turnover:
- €949 million (2008)
- Employees:
- 200
- Acquired:
- March 2006
- Country:
- United Kingdom
- CEO:
- Bernie Ecclestone
In March 2006, CVC funds acquired majority control of Formula One. The FIA Formula One World Championship™ has been held each year since 1950 and is the world’s leading motor racing championship.
In May 2006, CVC funds acquired both APM, which markets and sells Formula One advertising and sponsorship packages, and Allsport Management, the leading provider of VIP hospitality at Formula One events. In 2007, CVC took control of GP2, a complimentary race series, bringing all the revenues associated with Formula One together.
Formula One Group has the rights to commercially develop the Championship, including the right to stage and promote the events, to sell broadcast footage (via Formula One Administration (‘FOA’)), and to offer sponsorship and hospitality packages (via APM and Allsport Management).