Formula One rights holders CVC Capital Partners tightened their grip by buying the sport's advertising and hospitality companies.

CVC said in a statement that subsidiaries for the Formula One Group's holding company Alpha Topco had reached agreement to acquire Allsport Management and APM. Completion of the deal is subject to anti-trust approval.

The APM Group markets and sells advertising and sponsorship packages globally for the Formula One championship while Geneva-based Allsport, run by Briton Patrick McNally, is the principal provider of VIP hospitality at races.

McNally, a close associate of Formula One supremo Bernie Ecclestone, will remain chief executive of Allsport while also joining the board of Alpha Topco.

"APM and Allsport Management have been developed into highly successful businesses over the last 25 years and we are delighted that each of them will now form part of the Formula One Group," said the 75-year-old Ecclestone.

CVC's takeover of the commercial rights previously owned by Ecclestone and three banks was given the go-ahead this month after an anti-trust review by the EU.

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