Formula 1 flotation back on course

Formula 1 supremo Bernie Ecclestone says plans to float the sport on the Singapore stock exchange are now back on course, having been delayed last year because of the worldwide economic crisis.

Ecclestone and F1 co-owners CVC had been waiting for the right opportunity to resurrect the flotation plans, and both have now agreed that it will take place later this year.

Speaking to The Daily Telegraph, Ecclestone said: “We have agreed to do it. It will happen this year and it will be up and running. CVC is getting on with it and putting all the bits and pieces together that they have to.”

The initial delay in floating F1 meant the CVC opted to sell some of its shares in the sport last year to try and recoup some of the money it had invested.

And although new investors may be keen to find out what the succession plan is for when Ecclestone no longer runs the commercial aspects of F1, the man himself says he has no demands from the sport’s current owners.

“The people that represent the funds are good people to work with,” he said. “They are not at all demanding for me to have a successor.”

Source: http://www.iracing.com/inracingnews/formula-one-news/f1-formula-one-news/formula-1-flotation-back-on-course

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