Plans to partially float Formula 1 on the Singapore Stock Exchange are now on hold until at least later this year, the sport’s supremo Bernie Ecclestone has confirmed.
The initial floatation was meant to have taken place later this month, but the disastrous IPO of Facebook – which has shed close to 30% of its initial share value in a little over a week – has made the sport’s powerbrokers rather more circumspect.
“We haven’t got a date set yet but, with all the problems in the Eurozone and the markets, we will be waiting until things have settled a little,” he told the Telegraph newspaper on Friday.
“Who would want to try and list now?” he continued. “With the way things are at the moment, people are reluctant to invest.
“Look at the markets. If people aren’t buying stock on companies that have been on the markets for 20 years, why will they come and invest in a new one now?
“We’ll wait until October or November, when the Formula 1 season is over, because at the moment we just don’t have time to do an investor roadshow. Facebook was obviously a problem but the price they put on it was ridiculous – how they ever got to that figure I’ll never know.”
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