F1 float on hold until 2014

Nov.1 (GMM) F1's plans to float on the stock exchange look set to sit idle on the grid for some time.

Bernie Ecclestone, CEO Formula One Group
Bernie Ecclestone, CEO Formula One Group

Photo by: xpb.cc

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.

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About this article
Series FORMULA 1
Drivers Bernie Ecclestone
Article type Rumor
Tags cvc, ecclestone, fia, fom, gribkowsky