Ecclestone sees another float chance

Formula One's postponed flotation could be relaunched later this year, the sport's commercial supremo, Bernie Ecclestone, said on Wednesday.

"Last year I thought that the markets were not ready, but now it is getting more likely that there is an opportunity," the 82-year-old British billionaire told the official formula1.com website ahead of Sunday's Australian season opener. "In the next three months or so, somebody will have to decide yes or no," he said when asked about a possible float toward the end of the year.

Ecclestone said last November that any initial public offering was unlikely before 2014.

The owners of F1 had been preparing a $3 billion IPO in Singapore last June but decided to hold off as global markets tumbled and investor mood soured after Facebook's plunge in value following its flotation.

Private equity firm CVC, the sport's largest shareholder, has a stake of about 35.5 percent. About 30 percent of the business is owned by investment groups Blackrock, Waddell & Reed, Norges Bank and the Texas Teachers' pension fund.

This year's F1 championship will have 19 races, one less than last year due to the postponement of a planned Grand Prix in New Jersey and the disappearance of the European Grand Prix in Valencia, Spain.

Reuters

(China Daily 03/15/2013 page22)