F1 racing ahead with $3bn floatation plans

F1’s plans to float on the Singapore stock exchange are continuing to harden. The sport’s majority owner CVC has reportedly lined up several banks – including UBS, RBS, Morgan Stanley, Goldman Sachs, Santander, DBS Group Holdings and CIMB – to handle the transaction.

And now media reports, including in the authoritative Financial Times, say Austrian businessman, Nestle chairman and existing F1 board member Peter Brabeck-Letmathe is being lined up to chair the parent company.

Bernie Ecclestone would remain chief executive.

It is expected that the 30 per cent, multi-billion dollar floatation could occur as early as June, with Bloomberg reporting that the application could be filed this week.

CVC and Nestle, the food giant, declined to comment.