LONDON - Sir Martin Sorrell, chief executive of ad giant WPP, and Peter Brabeck, chief executive of Nestlé, have taken a stake in the holding company of Formula One, Delta Topco.
According to reports, Delta Topco issued 90.7 million new shares in 2008, bringing its total shares to one billion. Sorrell and Brabeck are now believed to have a 0.3% stake in the company.
As private equity firm CVC bought Formula One for $2bn in 2006, Sorrell's stake is reported to be worth $6m. Sorrell and Brabeck, non-executive directors of Formula One, are said to have bought their shares for a "nominal price" of $27,000.
WPP declined to comment.
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