Peter Brabeck, chairman of Swiss food group Nestle, has been selected as Formula 1 chairman after a board meeting ahead of this weekend’s Monaco Grand Prix.
"It was the first time that the board had a report on the preparation, there was pre-valuation of the whole process." Brabeck explained to Reuters. "I think we made a step forwards but no decision has been taken.
"Within the board there is an IPO committee and the committee will come back to the full board when it feels that the next board meeting is necessary. We have not even fixed the next meeting. We left this thing open."
There had been speculation that the Austrian would take the role as CVC chief executive, a position currently filled by Bernie Ecclestone.
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