Arab Today, arab today f1 owners consider asian market flotation
Last Updated : GMT 04:20:45
Arab Today, arab today
Arab Today, arab today

F1 owners consider Asian market flotation

Arab Today, arab today

Arab Today, arab today F1 owners consider Asian market flotation

London - Arabstoday

The owners of Formula One motor racing are considering a partial flotation of the business in Asia, an option also explored by English football champions Manchester United, to tap demand in the region for strong sporting brands. A flotation of Formula One, which draws more than half a billion TV viewers for its races, has long been mooted, but the issue is made more urgent by the expiry this year of a confidential commercial agreement between the rights holding company and the teams whose cars compete in the 20-race series. Private equity firm CVC Capital Partners, which acquired majority control of F1 in 2006, would continue to be a long-term holder of the business, and the initial public offering option being explored is for only part of the company, a source close to the matter said. Britain\'s Sky News has reported that CVC has asked Goldman Sachs to examine a placement of some F1 shares with a new investor as a precursor to a formal IPO process in the south-east Asian city state of Singapore. The source declined to comment on the Sky report, which placed a potential valuation of over $10 billion (Dh36.7 billion) on the business. Goldman Sachs and CVC, which owns 63.4 per cent of F1, also declined to comment. A minimum 15 per cent float in Singapore would make the deal worth $1.5 billion.

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