CVC makes new plans for F1 flotation
18 February 2013 – Private equity firm CVC is hoping to float Formula 1 on the Singapore stock market in October, according to The Telegraph. The initial public offering (IPO) was due to occur last year, but it was suspended due to the ongoing European economic crisis.
The main reason for the delay was a string of failed IPOs, including major social networking site Facebook. In addition, the lawsuit against German banker Gerhard Gribkowsky - for the sale of the sport back in 2006 - has been filling the headlines, a situation which has left Formula 1 supremo Bernie Ecclestone under investigation.
As the new season approaches, CVC believes the market is in a more suitable position to host the stock flotation, which has been valued at around 10 billion dollars.