Bankrupt Lehman Brothers profits from Formula One sale
The collapsed bank will sell its stake in Nasdaq-listed auto racing empire, making a hefty $1.5bn from a $300m investment
Creditors of Lehman Brothers are on track for a turbocharged windfall after the collapsed bank announced it is selling its stake in Nasdaq-listed Formula One auto racing, giving it a payout of $1.5bn from a $300m investment.
The offering also brings the chequered flag down on former F1 chief executive Bernie Ecclestone’s time as a shareholder. The billionaire business magnate is offloading his remaining stake for $20m. Ecclestone first took over the wheel of F1 40 years ago and transformed it from being an amateur hobby into a race series which had revenue of $1.8bn last year.
Source: Formula 1