CVC to sell F1, replace Ecclestone?

(GMM) CVC Capital Partners, the majority owner of formula one's commercial rights, has denied it plans to sell up or replace Bernie Ecclestone as chief executive.

The rumours have been swilling in F1 circles for some time, but they gained new momentum when FIA president Max Mosley said recently CVC would be "tempted" if a sovereign wealth fund made a "huge" offer.

"I suspect it would be getting to the stage where Bernie is replaced," the Briton added. "If someone wanted to buy it, the whole business depends on a man who is 78 years old."

In a short statement issued to the media at the Hungaroring on Saturday, CVC played down the speculation.

"We have no plans to sell our stake in formula one," it reads. "We see our investment as long term and we are pleased with its performance to date.

CVC also said it has "no plans" to replace Ecclestone because "we are delighted with the results of the business under his management".