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Formula One IPO plans remain on hold, says CVC

19 Nov 2013

formula one racing carPrivate equity firm CVC said that it aims to float Formula One, but its IPO plans are currently on hold.

“One day we’d like to float the company. We’ve got no plans to do that in the imminent future,” CVC co-chairman Donald Mackenzie told Reuters.

Last month it was reported that CVC had received an $865m dividend from its investment in the motor racing brand thanks to a number of lucrative media deals.

The dividend includes a $355m payout that followed a refinancing after the company delayed a planned IPO in Singapore in 2012. Formula One initially planned to raise as much as $3bn via an IPO.

Reports in March this year quoted Formula One head Bernie Ecclestone as saying it could revive the Singapore IPO later this year, although a 2014 listing looks more likely.

Ecclestone has recently been hit with bribery charges in Germany that stemmed from the sale of a stake in Formula One to CVC in 2005.

The 82-year old billionaire allegedly paid $44m to Bayern Landesbank’s chief risk officer Gerhard Gribkowsky to facilitate the sale of its 48 per cent stake at below market value.

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