July 31 (Reuters) - French automotive group Cosmobilis and private credit investor Park Square Capital acquired the commercial rights to the World Rally Championship on Friday in what the governing body hailed as the"deal of the century" for the sport.
The International Automobile Federation (FIA) said the long-term agreement, which includes the rights to the FIA European Rally Championship, followed the takeover of Munich-based WRC Promoter GmbH.
The previous rights holders were Red Bull and German investment firm KW25. Former Formula One team boss Eric Boullier will now head the operation.
“This is truly the deal of the century for rallying, and I am proud to announce this transformative step forward, and never-before-seen levels of investment," said FIA President Mohammed Ben Sulayem in a statement.
“Not only will it deliver real benefits to fans, competitors and our member clubs worldwide, but this investment signifies confidence in the future of our sport as its global popularity continues to grow."
No financial details were given but the FIA said it was the biggest deal in the history of both championships and a 'pivotal moment' for the WRC.
Park Square Capital, which manages more than $22 billion on behalf of its investors, will provide capital and strategic support.
One source said in April that the purchase of WRC Promoter was likely to be for less than 500 million euros ($575.85 million).
Boullier will be WRC Promoter's chief executive. The Frenchman was previously a principal of the Lotus Formula One team (now competing as Renault-owned Alpine) and also racing director of McLaren from 2014 to 2018.
"Alongside the FIA and our partners, we want to make every round a spectacular event, designed to thrill fans around the world," he said.
"The goal is clear: to establish the WRC and ERC as world-class global brands and a driver of sustainable growth, closely aligned with today’s technological and environmental challenges."
The WRC races on four different continents with 14 rounds this year. Its reigning champion is Toyota's Frenchman Sebastien Ogier, a nine-times title winner. Next-generation technical regulations are due in 2027.
($1 = 0.8683 euros)
(Reporting by Alan Baldwin in London; Editing by Ken Ferris)
