Sunday 24 July 2016 7:24 pm

F1 accelerates to record valuation of £6.4bn on back of Sky deal and new race in Mexico City

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THE value of Formula One accelerated 8.8 per cent to a record £6.4bn in the first three months of this year according to an independent valuation commissioned by Ferrari.

It sets a high barrier for potential suitors of the sport which are understood to include investment firm China Media Capital and RSE Ventures, owner of the Miami Dolphins NFL team.

A sale would boost the fortunes of F1’s controlling shareholder, the private equity firm CVC, which has already made more than £3.3bn ($4.4bn) from the sport through share sales and dividends.

It would also swell the coffers of F1’s billionaire boss Bernie Ecclestone who owns 5.3 per cent of F1. F1 had a bumper year in 2015 as the German Grand Prix was replaced with a bigger-spending race in Mexico City. This was followed by a broadcasting coup in March when it was announced that Sky had agreed an exclusive deal to show F1 in Britain from 2019. The deal is estimated to be worth £95m ($125m) annually.

The new valuation is buried in company documents which Ferrari is obliged to file with the US Securities and Exchange Commission as it is listed in New York.