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9bn debt earlier than forecast The company which controls Formula One motor racing is on track to clear its $2.
9billion debt mountain earlier than forecast, according to its chief executive Bernie Ecclestone. Formula One administration was acquired by private equity firm CVC in 2006 in a leveraged buyout using $550million of debt from Lehman Brothers and $2.3billion from the Royal Bank of Scotland. The loans are fully repayable by 2014 and three years ago CVC's UK managing director Nick Clarry said it hoped to clear $1billion by then before refinancing. jimmy choo white sneakers However, Ecclestone now says that all of F1's debt 'should be cleared by 2014'. F1's debt repayment accelerated during the economic downturn when inter bank lending rates crashed to promote lending. accounts for the F1 Group show it paid off $338.5million in 2010 compared with $180.2million in 2009. In 2009 its interest payments were nearly double the $59.2million it paid last year. However, the race to pay off the debt has put the brakes on F1's profits. The accounts reveal that after servicing its debts, the business was left with a $209.5million net loss on turnover up 1.9 per cent to $1.2billion. 'CVC were very courageous when they bought F1,' says Ecclestone. In 2006 F1's teams threatened to set up a rival series which could have significantly reduced the value jimmy choo snakeskin of CVC's investment. If this had gone ahead new jimmy choo shoes it would have made the sport less appealing to circuits and television companies which provide around 60 per cent of its revenue. In turn it would have made it tougher for it to meet its repayments on theAa report last week claimed CVC is conducting a strategic review of F1 for a potential sale, IPO or debt refinancing. However, Ecclestone says although 'people are knocking at their door all the time, CVC is not looking for any exit over the next two or three years'. Most watched Money videos New wireless charging road charges electric vehicles on the move All you need to know about the new 12 sided 1 coin The world largest luxury car Machine in Singapore Investing Show: Will shares go off the boil or keep rising? Watch the production of the one millionth Porsche 911 Citron rolls out the new DS7 Crossback as Macron car of choice New Beatrix Potter 50p coins unveiled including Peter Rabbit Rowdy stag do group thrown off Ryanair plane for fighting Time to invest in Europe? It not fixed, warns Tom Becket Investing Show: How are UK companies doing? Jeremy Corbyn refuses to play immigration numbers game Lib Dems unveil poster of Farage face superimposed on May head I have made 42 years of national insurance contributions:. Is it really safe to pay for parking on your mobile? No,. Beware EU health card salesmen who know all your personal. How you can jimmy choo bags save thousands with a new investing website:. Admiral hiding real price hikes: Thousands of customers. Cash Isa savers can still get a 4% return but top. The great annuity betrayal: Robbed of 65% of pension. Don't put off house sale until after the election: Estate. INVESTMENT CLINIC: I want to transfer 20k from my cash. Barclays worst bank for blocking fraud claims: Bank. Have you been paying for your AA cover twice? Lloyds or. MARKETS LIVE: Marks Spencer investors on high alert. Could you cash in a dud annuity?: Insurance giants vow to. Hundreds of thousands of older couples set to miss out on. MARKET REPORT: Emergency home repair giant Homeserve hits. ALEX BRUMMER: The return of moderates in the Dutch.
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