Ecclestone eyes F1 rights Asia floatation
21 November, 2011
Nov.21 (GMM) F1 chief executive Bernie Ecclestone has revealed that public floatation might be more likely than a sale in the event current owners CVC want to offload formula one’s commercial rights.
A consortium headed by News Corp has expressed interest in bidding for the lucrative rights, as have the F1 teams in becoming shareholders.
But Ecclestone told the Telegraph: “If I wanted to dispose of the company today I would float it in Singapore or Hong Kong.”
He added that “it would be better to float the company in Singapore than sell it”.
Writing in the British newspaper, journalists Christian Sylt and Caroline Reid said there were attempts to float F1 in London in the 90s “but they failed due to an anti-competition investigation by the European Commission”.
The writers explain that Ecclestone believes the “accelerating interest in the sport in Asia is too hard to ignore”.