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CVC joins former News Corp COO in $2bn IMG bid – report

Formula One racing owner CVC Capital has reportedly joined forces with an investment group headed by former News Corporation COO Peter Chernin to make a $2 billion bid for IMG.

Chernin – through The Chernin Group (TCG) investment firm – has agreed to make a joint bid with CVC in return for a seat on the IMG board, should their bid be successful. CVC will have a 60 per cent stake in IMG, whilst TCG will acquire 20 per cent along with Bahrain Mumtalakat Holding Company, according to Sky News.

Mumtalakat owns the Bahrain circuit used in Formula One, as well as having a stake in the sport’s McLaren team. Meanwhile, it is not yet confirmed whether the Abu Dhabi Investment Authority – that was previously tied in a joint CVC bid for IMG – will still be involved in the deal.

The list of bidders for the IMG agency was last week shortlisted to 10 by Evercore and Morgan Stanley, the banks overseeing the sale process, according to the New York Post.