Sorrell takes F1 shares

Sir Martin Sorrell is one of a number of new minority shareholders in Formula One, according to reports.

The WPP chief executive and Nestle chief executive Peter Brabeck, non-executive directors of F1, have both taken stakes in F1’s holding company Delta Topco worth about £6m apiece, according to The Financial Times.

Other F1 executives, including its lawyer Sacha Woodward-Hill and VIP hospitality and trackside advertising chief Patrick McNally, also became 1% shareholders in the Jersey-based Delta Topco, the paper says.

The news follows a tumultuous few months for the motor sport. Doubts were expressed over the financial health of F1 after Honda announced in December it is to withdraw from F1 if a buyer is not found.

Last month, Dutch bank ING, one of the sport’s biggest backers, said it is cutting its F1 sponsorship spending by 40 per cent as part of a €1 billion cost-cutting drive.

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