F1 warming up for Singapore IPO

LONDON: Formula One chief Bernie Ecclestone said yesterday he had recommended Singapore as the best place to float the motor racing business, seeking to tap Asian enthusiasm for international sporting brands.

Ecclestone, 81, stressed that he made the proposal, but a decision on any flotation was up to CVC Capital Partners, the private equity company that has owned a majority of the business since 2006.

Ecclestone, a former driver and team boss, said the flotation plan was not linked to the agreement with the teams and denied reports that Italy’s Ferrari, the sport’s best known team, and current champions Red Bull could be offered a stake in the business. – Reuters