12.03.2014 - Norwegians could look to offload F1 stake 11 March 2014
The Norwegian sovereign wealth fund could decide to sell on its F1 stake if the sport cannot free itself from accusations of corruption. Norway's sovereign wealth fund has confirmed that it will look to sell its stake in F1 should both its own problems and those affecting the sport in general not be addressed. Questions were raised in the national parliament last week asking whether the fund had violated its remit by joining US-based investors BlackRock and Waddell & Reed in acquiring a $1.6bn stake in F1 last May. Although the purchase appeared to be in good faith at the time, F1's decision to cancel its proposed stock market flotation put the fund's holding in jeopardy as it is only permitted to acquire a stake in an unlisted company if it plans an initial public offering...............................................Full Article: Source