Eccelstone remains committed to planned public offer
SINGAPORE: Formula One boss Bernie Ecclestone has insisted plans for a multibillion dollar initial public offering (IPO) in Singapore are still very much on despite a lengthy delay in the process.
Ecclestone, speaking at the Singapore Grand Prix late on Saturday, said he was ‘‘sure’’ Formula One would float on the city-state’s exchange as soon as the timing is right.
The glitzy, global championship has been mulling a flotation for more than a year, but the process was put on hold in June 2012 due to market volatility.
‘‘It’s just a case of when we think is the right time to go to the market. We’re not in a hurry,’’ Ecclestone said. Asked whether it would be in Singapore, he said: ‘‘I’m sure so.’’
Formula One is close to finalising a Concorde Agreement with its various teams to determine how to divide up revenues over the coming seasons.
However, Ecclestone indicated the deal was not the major factor governing when the IPO would go ahead.
Singapore, one of 19 stops on this year’s schedule, is viewed as an attractive destination for IPOs because of it status as a large, stable and transparent Asian financial centre.
English Premier League football club Manchester United also considered listing in Singapore before it eventually chose New York last year. Earlier reports said private equity firm CVC Capital Partners, the biggest shareholder, would seek a valuation of more than US$10 billion when the flotation finally goes ahead.
Ecclestone has also received a boost this week after a German court delayed setting a date for a bribery case involving the Briton until next year. The 82-yearold could face a prison sentence after being charged by Munich prosecutors in July in relation to a $44 million payment he made to German banker.
But a court official said no trial date would be set until next year, because ‘‘the judges did not want to put themselves under pressure by making a decision that was too hasty’’.
Ecclestone controls about a five percent stake in Formula One, which he has built into an empire with annual revenues of about $1.5 billion.