Formula 1 floatation on hold until 2014
1 November, 2012
Nov.1 (GMM) Formula One’s plans to float shares on the stock exchange look set to remain idle for some time.
Writing in the Telegraph, business journalist Christian Sylt say’s that 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 that the Ecclestone issue “would have resolved itself” by then.
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Related posts:
- Bank seeks $400 million payment from Ecclestone
- CVC not expected to float F1 amid corruption scandal
- Gribkowsky may admit to bribery as trial comes to a close
- Ecclestone could be sued after bribery trial
- Why would Bernie need to bribe anyone?
