CVC, the private equity firm which owns a majority stake in Formula One motor racing, has agreed that bankrupt investment bank Lehman Brothers can retain its 15 per cent holding in the sport’s commercial rights holder.

The settlement is expected to be formalised by the US bankruptcy court on Wednesday and it brings to an end a fierce battle which began when CVC tried to seize Lehman’s F1 stake when the investment bank entered Chapter 11 in October last year.