Don't expect to see a Formula One IPO until later this year at the earliest. F1 CEO Bernie Ecclestone says his company is delaying a public offering due to an uncertain market.
It is exceptionally rare for Bernie Ecclestone to be shown the yellow flag when it comes to his Formula One business dealings, but that's what happened with two of his projects. A month ago, Ecclestone agreed to terms with France's sports minister David Douillet to reinstate the French Grand Prix at the Paul Ricard circuit (which Ecclestone happens to own). The contract hadn't been signed while minor details were settled, but the plan was that the French GP would alternate with the Belgian GP st
Formula One may be headed toward an initial public offering worth a staggering $10 billion, according to Bloomberg. CVC Capital Partners Ltd., the majority owner of the Formula One Group, has hired Goldman Sachs Group to look into the motorsports empire's value. The deal would involve selling a portion of CVC's 63.4 percent stake in F1, likely with an IPO in Singapore. The news comes courtesy of an unnamed source familiar with the discussions.