F1 to proceed with float in October – source

Owner CVC looks set to proceed with the floatation of F1 later this year, according to Formula One business journalist Christian Sylt.

Late last year, Sylt said CVC had decided to continue to delay the planned Singapore floatation until at least 2014.

But in a new report for the Telegraph, he quotes a ‘senior source’ as saying CVC is now eyeing October, when it hopes the European financial crisis and the Gribkowsky corruption affair in Germany will be resolved.

“In October this year, we ought to be able to look at the following year and say that most of next year’s earnings are under contract, the market is in a very good place and Germany is now clear,” said the source.

Source:GMM

F1 float on hold until 2014

F1’s plans to float on the stock exchange look set to sit idle on the grid for some time.

Writing in the Telegraph, business journalist Christian Sylt said the sport’s owner CVC has now delayed the listing at least until 2014.

Sylt said the reasons for the delay are market turmoil but also F1 chief executive Bernie Ecclestone’s legal troubles surrounding the Gerhard Gribkowsky corruption affair.

“It is hard to tell depending on what happens with the markets but I think 12 to 18 months is probably a realistic time-frame,” he quoted a CVC source as saying.

The source added that he hopes the Ecclestone issue “would have resolved itself” by then.

Source:GMM