While the 2016 Formula One season may be on its summer break, things are still heating up. Formula One is making headlines with a driver line change at the Manor team and the CVC shareholders are looking for a buyout.
Renault’s reserve driver Esteban Ocon has replaced Rio Haryanto at the Manor Racing Team. The 19-year old replaced Haryanto, who was signed at the end of the 2015 season but has since lacked secure financial backing.
Haryanto’s main sponsors were Pertamina, a state-owned Indonesian oil company, and the Indonesian Government. Both sponsors managed to finance sufficient funds for Haryanto to race the first half of the season but were struggling to raise sufficient funds to keep the driver going.
Ocon will make his debut at the Belgian Grand Prix on August 28, 2016, when the season resumes for the second half of the year. Haryanto will take on the reserve role at the team.
Dave Ryan, Race Director said that they are confident when Esteban makes his debut in Spa, they will have a very potent line-up with the chance to fight with immediate competitors for the rest of the season.
In other news, CVC Capital Partners who paid $2 Billion in 2006 to buy Formula One is looking to exit the investment. At the time of the purchase, it was not the greatest for the firm, however, the deal has turned out to be rather profitable.
It has been suggested that CVC Capital Partners has made about $4.5 Billion on its initial stake. This has turned out to be a 450% return. Should the sale go through within weeks, CVC who has 35% of the stake could possibly walk away with a return of eight times its original investment.