From eurosport.com :

Private equity firm CVC won conditional approval from the European Commission on Tuesday to acquire Speed Investments Ltd., which will give it control of SLEC, the holding company for Formula One racing. CVC, however, must sell its Spanish subsidiary Dorna, promoter of the MotoGP championship. "When the two most popular motor sports events in the EU, Formula One and Moto GP, come in the hands of one owner, there is a risk of price increases for the TV rights to these events and a reduction in consumer choice," European Union Competition Commissioner Neelie Kroes said. "I am satisfied that the commitments given by CVC will eliminate this risk," she said in a statement. Under the deal, Formula One supremo Bernie Ecclestone and German bank BayernLB are selling their stakes to CVC Capital Partners for an undisclosed price. The sale would give Britain's CVC majority control over the motor racing company. Ecclestone should still head the Formula One operations after the potential sale, sources have said. JPMorgan, BayernLB and Lehman Brothers together hold 75 percent of SLEC, with BayernLB owning slightly more than half. The banks acquired their stake after the failure of Germany's Kirch media group, which had borrowed some $1.6 billion from them. Ecclestone's family trust owns the other 25 percent.

Why are they so keen to keep Bernie the old fart ? Get rid of him and dispatch Mad Max with him !

But it is sort of good news that the ownership is changing to somebody who knows something about motorsports ! What do 3 banks and a media group know about racing ?

Rebecca wrote I've got a feeling I am not going to be happy about this! What that fails to mention is that it looks like CVC will have to sell of Dorna (organisers of the MotoGP) to raise enough money to finalise the F1 buyout.....I fear MotoGP is going to get scewed for the sake of F1

Actually, financial reasons have nothing to so with the sell-off of Dorna - this is in the original quote :

"When the two most popular motor sports events in the EU, Formula One and Moto GP, come in the hands of one owner, there is a risk of price increases for the TV rights to these events and a reduction in consumer choice," European Union Competition Commissioner Neelie Kroes said.

That was a condition for the approval of the deal by the European Commission. Kind of OK that somebody is looking after such things. I wouldn't like F1 and MotoGP to both become exclusively payTV events

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