By alley - Jul 4, 2014, 12:57 PM ET

Report: F1 owners CVC restless with Ecclestone's reign

Britain's The Guardian reports that CVC Capital Partners, the owners of Formula 1, are planning to sell a large part of their controlling 35.5% stake in the sport. The Guardian report claims that the private equity company's managers have decided that Ecclestone, 83, must be replaced as the sport's chief executive and commercial rights holder, even if he is absolved of bribery charges in his ongoing court case in Munich, citing the potential for embarrassment due to ongoing questions by British tax authorities about Ecclestone's financial dealings.

No potential replacements for Ecclestone as F1 chief executive were named, although The Guardian said reports suggesting Red Bull Racing boss Christian Horner as a likely successor were wide of the mark.

Ecclestone's 40-year stewardship of F1's commercial arrangements have come under increasing scrutiny, with

Mercedes F1 boss Toto Wolff revealing earlier this week that he had argued with Ecclestone

over his dismissal of the usefulness of social media, amid a worldwide drop in TV ratings for F1 and continuing disputes between the teams over the costs required to compete.