CVC declined to comment. In a brief telephone interview, Ecclestone said that CVC is “pretty upfront” about its returns. “They buy and sell companies looking to make a profit,” he said.

Grand Prix

Ecclestone, once a used-motorcycle parts salesman, co-founded Formula One in 1978, selling TV and advertising rights for the series of races known as the Grand Prix. By 2006 the company was controlled by bank lenders, principally Germany’s Bayerische Landesbank, which was looking to dispose of its stake.

It wasn’t an easy sell. The asking price scared off a number of private equity firms, including Charterhouse Capital Partners and Apollo Global Management LLC, said people familiar with the matter. And potential buyers worried about Ecclestone’s departure or death. Then 75, he personally handled negotiations with racing teams, while maintaining lucrative relationships with countries that hosted the events.

Representatives for Charterhouse and Apollo didn’t respond to requests for comment.

At the time, CVC was a buyout shop little known outside Europe, with about $13 billion in assets under management. Founded in 1981 as Citigroup’s venture capital unit, it was spun out in 1993 as a standalone private equity firm.

But CVC did have some experience in the sports world, as owner of commercial rights for the world’s biggest motorcycle road racing series, FIM Road Racing World Championship Grand Prix (MotoGP).

Single Buyout

Led by co-founder Donald Mackenzie, CVC won the deal with a $2.1 billion offer that included nearly $1 billion in equity. That was a gamble in itself, as the $1 billion accounted for about 10 percent of CVC’s 2005 fund at the time, considered the upper limits of what investors find tolerable for a single buyout. It borrowed most of the rest.

Within a year CVC recouped most of its investment. The shop put $800 million in debt onto Formula One to pay itself and its partners a dividend. Another $2 billion in debt-backed dividends followed in later years. It also sold off shares to investors including BlackRock Inc. and Waddell & Reed Financial Inc.