It has been reported that a group of Formula 1 teams are looking to buy the sport from its current majority owner, CVC Capital Partners.

The investment company is keen to offload its remaining 35.5 per cent stake and is legally bound to do so by 2018.

Bernie Ecclestone says a group of unnamed F1 teams are putting a plan together to take CVC’s stake and therefore control of the sport.

“We’ll see what the group comes up with,” the 83-year-old told Bloomberg. “Maybe they will get enough together to buy shares.”

It isn’t clear which teams are involved, but it’s believed both Ferrari and Red Bull could be, after both showed an interest in the idea previously

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