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Revealed: CVC's free Formula One hospitality
Formula One has handed thousands of free hospitality passes, worth an equivalent of £3.2m ($5.4m), to the private equity fund which controls the sport according to an article in the Sunday Telegraph by Christian Sylt.It is known as Fund IV and it is managed by CVC Capital which bought F1 in a leveraged buyout in 2005. It used £573m ($965.6m) from Fund IV and £650m ($1.1bn) of debt from the Royal Bank of Scotland. In March the following year F1 paid an estimated £238m ($400m) for Swiss company Allsport which operates the corporate hospitality at all but three of the 19 races.F1's hospitality area is a tented structure which is known as The Paddock Club and is adorned...
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