F1

CVC to sell 20pc of F1 for $2bn - report

Apr.10 (GMM) More details about Formula One's planned stock market floatation have emerged.

Bernie Ecclestone
Bernie Ecclestone

Photo by: xpb.cc

Bloomberg, the financial news agency, said majority owner CVC is seeking $2 billion by floating "about 20 per cent" of the sport.

That would value F1 at about $10 billion.

The information was verified by "four people with knowledge of the matter", the report said.

"CVC wants to conduct the sale in Singapore as early as June, and is in discussions with investment banks about its plans, which aren't final," Bloomberg added.

The report added that Bernie Ecclestone plans to keep his 5.3 per cent stake and will remain F1's chief executive.

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Tags cvc, ecclestone

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