Eleven years after China became a stop in the Formula One motor racing calendar, a group of Chinese investors from the country now eyes to back an $8.5bn (£5.5bn) takeover bid for the sport, UK’s Sky News revealed. 

According to Sky, China Media Capital (CMC) is leading a group of Chinese firms who want to invest roughly $1.5bn (£970m) in an offer being assembled by Stephen Ross, owner of the Miami Dolphins American football team.

Sky revealed that Ross’s consortium is seeking a 90-day period of exclusivity from CVC Capital Partners, F1’S controlling shareholder, to hold detailed talks with Bernie Ecclestone, F1's chief executive, and to undertake due diligence.

In addition to the Chinese investment, the proposed takeover of F1 still requires roughly another $2bn (£1.3bn) in equity to take place, with the $4bn (£2.6bn) balance of the $8.5bn price tag consisting of debt.

CMC couldn’t be reached for comment, while CVC declined to comment.

Source: Sky Sports & NetEase