Formula One forced to cut spending as costs pinch

Newswire

By Alan Baldwin and Keith Weir LONDON, Dec 23 (Reuters) - Glamorous, high-tech and hugely profitable: With the lure of races from Monaco to Singapore, Formula One just keeps on giving so far as the money men controlling the motor sport are concerned. The business, in which private equity firm CVC is the largest shareholder, had turnover of $1.35 billion in 2012 and generated an operating profit of $426 million once payments to its 11 teams had been deducted. ...

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