The crisis of collapsing and complaining teams looks set to once again spoil plans for F1's stock market floatation. The sport's majority shareholder CVC wanted to float formula one in Singapore in 2012, but the plans were delayed amid market uncertainty and Bernie Ecclestone's high profile legal troubles.
Those concerns have since lifted, and the financial news service Bloomberg claims that CVC was back on track to float F1 early in 2015. The report said CVC has commissioned Goldman Sachs, Morgan Stanley and UBS to work on the possible initial public offering.
But now two teams, Marussia and Caterham, have collapsed, and other struggling small outfits Lotus, Sauber and Force India are complaining loudly about F1's controversial income distribution model. Oliver Weingarten, the former general secretary of the F1 teams alliance FOTA, said CVC will "want the negativity surrounding the sport to go away, and for there to be some stability, before they go to the market". (GMM)
CVC wants stability before F1's stock market floatation
- Published on 13 Nov 2014 16:29
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- By: Rob Veenstra
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Well, that could explain why CVC Chairman McKenzie appeared weeks ago with pledge of a base payment and other personal assurances to defuse the complaints and boycott threats by Lotus and two other smaller teams. But it does not explain Ecclestone’s erratic behaviors since then, unless it has been his intention all along to disrupt F1 stock market flotation for his own reasons. There are background dynamics, here, that are being kept unclear to fans and the sport press. And those appear related to individual wealth accumulations and not to F1 as a sport, or its betterment.