Around $2 billion if the figures being thrown around are correct. CVC Capital Partners who currently own around 65 per cent of Formula One Group (the business management arm of F1 that’s responsible for the promotion of the FIA F1 World Championship), is looking to sell around 20 per cent of that.
CVC Partners wishes to sell the stake quickly with sources indicating a July date in Singapore is on the cards. If this information proves to be correct, it would be the fourth largest IPO Singapore has ever dealt with. CVC Partners has brought in the famous Goldman Sachs Group Inc. to advise on the Formula 1 IPO.
Singapore hosts a round of the Formula 1 World Championship and the sports growing popularity in Asia, plus the strong Asian economy, makes Singapore a sensible place to conduct the sale. But what will this mean for current head honcho, Bernie Ecclestone, who owns around five per cent of the sport? Absolutely nothing. He will still remain in control.
Want to buy a part of F1? Better get in quick. And have a hell of a lot of money. And some bloody good financial advisors.
Web: CVC / F1
Image: STB.Gov.Sg
Damian Francis has previously edited Australian T3 and F1 Racing magazine and wrote for GQ Australia and Men’s Health. Unlike Nick and Trev, he has no kids, no mortgage and no wife, but lives happily on Sydney’s North Shore with his girlfriend.
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