F1's stock market floatation plans put on hold
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|19 November 2013 by TF1T Staff | M||Tweet
It's been in the making for a number of years now, but it looks as though Formula 1's plans to float on the stock market won't happen any time soon.
The sport has been embroiled in legal disputes following allegations of bribery and mis-selling by CEO Bernie Ecclestone who is currently in court to hear such claims.
That has forced majority owner CVC Capital Partners to put the plans on hold.
"One day we'd like to float the company," said CVC co-chairman Donald Mackenzie. "We've got no plans to do that in the imminent future [now]."
That's far from CVC's original plans to float in September 2012 which have continuously been delayed. Instead CVC has been selling off shares to several investment groups including Blackrock, Waddell & Reed and Norway's Norges Bank, bringing CVC's holding down to 35 per cent from 63 per cent.
The sport is valued at $10 billion, though its value could be hit if Ecclestone is found guilty. As such, CVC have confirmed they would remove Ecclestone from his current position if convicted.