New F1 owner ups stake by $500m

(GMM) One of F1's new owners has bought even more of the sport, it has emerged.

Amid expectations last month that the Singapore floatation was going ahead, the US based asset managers Waddell and Reed, and others, bought a $1.6 billion stake in the formula one business from existing owners CVC.

Reuters and Sky News are now reporting that Waddell and Reed has lifted its new stake by $500 million, to almost 21 per cent.

CVC, having cut its stake from 63 per cent to 42 per cent, confirmed the news.

The news follows F1's plans to delay its stock market floatation due to market turmoil.