Chinese firms to buy F1?

According to a Sky News report on Friday, China Media Capital (CMC) is leading a group of Chinese firms to back a $8.5 dollar takeover bid for Formula One.

The group of Chinese media investors are willing to invest roughly 1.5 billion dollars in the offer being assembled by Stephen Ross, owner of the Miami Dolphins reported Xinhua citing Sky News.

The proposed takeover of F1 still requires roughly 2 dollars billion in additional equity from other investors.