The company (CVC) which controls Formula One motor racing is on track to clear its $2.9billion debt mountain earlier than forecast, according to its chief executive Bernie Ecclestone.
Formula One administration was acquired by private equity firm CVC in 2006 in a leveraged buyout using $550million of debt from Lehman Brothers and $2.3billion from the Royal Bank of Scotland.
The loans are fully repayable by 2014 and three years ago CVC's UK managing director Nick Clarry said it hoped to clear $1billion by then before refinancing.
However, Ecclestone now says that all of F1's debt 'should be cleared by 2014'.
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