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.
Together, Ecclestone and his Bambino family trust have made an estimated $4.9bn from dividends and the sale of their shares.
For the past decade, F1 has been controlled by the private equity firm CVC but in January it...