In March 2006, CVC Funds acquired majority control of Formula One ('F1'). The FIA Formula One World ChampionshipTM has been held each year since 1950 and is one of the world's greatest sports and media franchises.
In May 2006, CVC Funds acquired both Allsopp Parker & Marsh (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 together all the revenues connected with the FIA Formula One World Championship.
Formula One Group has the rights to commercially develop the Championship, including the right to stage and promote the events, to sell broadcast footage and to offer sponsorship and hospitality packages.
Leading sports properties have seen rights values appreciate as broadcasters and sponsors pursue mass market audiences. In addition, recent additions to the FIA calendar such as China, Singapore, Abu Dhabi and India (2011) continue to enhance the worldwide appeal of the brand and the economics of the business.
CVC has been a helpful partner for the management team over the last number of years, in pursuit of the strategic opportunities for the business.