Ecclestone estimates Formula One IPO at $10B, hires Goldman Sachs to investigate

Filed under: Motorsports, Europe, Earnings/Financials, Celebrities



Formula One may be headed toward an initial public offering worth a staggering $10 billion, according to Bloomberg. CVC Capital Partners Ltd., the majority owner of the Formula One Group, has hired Goldman Sachs Group to look into the motorsports empire's value. The deal would involve selling a portion of CVC's 63.4 percent stake in F1, likely with an IPO in Singapore. The news comes courtesy of an unnamed source familiar with the discussions.

Meanwhile, F1 Supremo Bernie Ecclestone has said that he will remain in his position regardless of CVC's course of action. He is not expected to sell his 5.3-percent stake in the Formula One Group. The CEO is reportedly in talks with current F1 teams over contracts that expire this year, offering big names like Ferrari and Red Bull up to $45 million to stay on. Currently, it's unclear whether any teams have agreed to the new terms, but Ecclestone says those talks won't need to be concluded for the IPO to progress.Ecclestone estimates Formula One IPO at $10B, hires Goldman Sachs to investigate originally appeared on Autoblog on Tue, 20 Mar 2012 18:50:00 EST. Please see our terms for use of feeds.



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