Senior F1 official David Campbell has left the sport.
Late in 2010, Bernie Ecclestone appointed Campbell - whose most famous achievement was the transformation of London's O2 Arena - to succeed the retiring Paddy McNally.
McNally headed the lucrative trackside advertising company Allsport and the Paddock Club.
David Campbell was therefore tipped as a likely successor for 81-year-old Ecclestone.
But a report in the Independent quoted CVC as confirming Campbell "has left".
"It didn't really work out," said the source. "Bernie wanted to take the business in a different way, and that wasn't the basis on which we hired David."