By alley - Oct 17, 2015, 11:26 AM ET

F1: Chinese money reportedly behind takeover bid

Speculation about the prospective sale of F1 shares took another turn with the UK's

Sky News

reporting that China Media Capital is looking to invest around $1.5 billion in an offer being assembled by Stephen Ross, owner of the NFL's Miami Dolphins.

According to Sky, Ross’s consortium is seeking a 90-day period of exclusivity from CVC Capital Partners, F1's controlling shareholder, during which it would hold detailed talks with F1 chief executive Bernie Ecclestone and undertake due diligence on the prospective deal, which Sky says would still require "roughly $2bn in additional equity from other investors."

At last week's Russian Grand Prix, Ecclestone said suggestions F1's sale could hasten his own exit as the sport's chief executive were incorrect, claiming: "The three people who are interested in buying have asked me to sign a contract to stay with them." Sky's report also claims the Ross/CMC group is eager to keep Ecclestone in charge of racing operations but would install a new commercial team that "would look to exploit the sport's media and sponsorship rights more aggressively."

At present CVC Capital Partners holds the largest share of F1 at 35.5 percent, with Ecclestone owning a 5.3 percent stake, while the 84-year-old's Bambino family trust has a further 8.5 percent.

The other shareholders are investment management company Blackrock, U.S. fund manager Waddell & Reed, Norges, the world's largest sovereign wealth fund based in Norway, with a 15 percent stake held by failed investment bank Lehman Brothers. However Ecclestone has said a number of shares are due to become available soon.