Following the bankruptcy of the Lehman brothers, private equity group CVC are expected to buy their 16.8 percent stake in Formula One from the administrators. The investment bank had owned a 16.8 percent stake in Delta Topco, making them the second biggest shareholder after CVC.

Formula One’s commercial rights holder CVC Capital Partners has dismissed speculation, triggered by comments from FIA president Max Mosley, that it is about to sell the sport and replace Bernie Ecclestone.

Rumours have been doing the rounds for several weeks now that the investment company, which owns around 70% of the Formula One Group, is looking to sell-off its shareholding of the sport.

F1 teams have agreed to setup a new body that will work in conjunction with the FIA and Formula One Management to thrash out a new Concorde Agreement including the commercial conditions and new rules. The new body has representatives from each Formula One team.