F1 Stake Nets $1.3 Billion

LONDON — Bernie Ecclestone, one of the most powerful men in auto racing, is selling up to half of Formula One Administration--the company that oversees the sport--for $1.3 billion.

Morgan Grenfell Private Equity, the investment arm of Germany’s Deutsche Bank, confirmed Tuesday that it will buy the stake in Formula One Administration’s ultimate holding company, SLEC Holding. SLEC is owned by an Ecclestone family trust.

In other news, Honda said it will return to F1 next year in collaboration with British American Racing. Drivers will be Canadian Jacques Villeneuve, the 1997 F1 champion, and Brazilian Ricardo Zonta.