Updated: 06/06/2013 17:31 | By pa.press.net

F1 bosses in no rush over IPO



Donald Mackenzie says CVC Capital Partners would 'like to retain a stake in the business'

Donald Mackenzie says CVC Capital Partners would 'like to retain a stake in the business'

One of the men behind the proposed flotation of Formula One on the Stock Exchange has revealed the plans may again be put on hold until next year.

An Initial Public Offering (IPO) was scheduled to take place in Singapore last September, but due to the instability of the market at that time a decision was taken to delay until this year. Only last month F1 supremo Bernie Ecclestone claimed the IPO would "happen this year, it will be up and running", with such a move expected to value the sport at around £6.5billion.

However, Donald Mackenzie, who is the co-founder and co-chairman of private equity firm CVC Capital Partners whose stake in F1 is just under 35 per cent, has now suggested the IPO may yet be delayed further.

"Our position on the IPO is when the market is right and the company is ready we'll look at it," said Mackenzie.

"Although the IPO market is better than it was a year ago, the company still has a few issues to sort out.

"So it may happen this year, it may be next year, but we're not in a big rush."

After taking control of F1 in 2006, CVC has over the past year sold tranches of its shares to money management firms BlackRock, Waddell & Reed and Norges, the investment division of Norway's central bank, reducing its stake from just over 63 per cent to its current level.

The IPO would appear to suggest CVC will end its involvement in the sport for good, but not so according to Mackenzie.

"We'd like to retain a stake in the business," added Mackenzie. "We like being a shareholder, even though we get a bit of grief every so often from people who don't really know what they're talking about in my opinion.

"Selling shares in the company is not taking money out of the sport."

0Comments
10 reasons to make MSN UK your homepage (© Microsoft)

latest f1 news

  • Lewis Hamilton, centre, beat both Red Bull drivers to pole  AP

    Mercedes motorsport boss Toto Wolff hailed Lewis Hamilton as "mega" and "in a league of his own" on the day he made British Formula One history.

  • Ron Dennis and his McLaren team are contemplating legal action against Formula One rivals Red Bull

    McLaren boss Ron Dennis is planning High Court action against rivals Red Bull over a member of their technical staff who recently moved back to the Austrian team.

  • Jenson Button is hoping for warm weather during Sunday's Chinese Grand Prix

    Jenson Button is praying the sun shines over Shanghai on Sunday if he is to salvage something from his Chinese Grand Prix weekend.

  • Fernando Alonso believes a podium may be out of reach in the Chinese Grand Prix

    A cautious Fernando Alonso has warned Ferrari fans not to expect him to be fighting for a top-three finish in Sunday's Chinese Grand Prix.

  • Red Bull did not behave fraudulently in Australia

    Red Bull avoided further punishment from the FIA this week upon the basis they did not act fraudulently during the Australian Grand Prix from which Daniel Ricciardo was disqualified.

  • Lewis Hamilton has predicted a close race in Sunday's Chinese Grand Prix

    Lewis Hamilton is steeling himself for more of a fight from his title rivals this weekend as he bids to win three grands prix in a row for the first time in his Formula One career.

  • FIA president Jean Todt will hold fresh talks with Formula One teams over cost controls at the start of May

    Formula One faces May Day crunch talks in a bid to avert potential civil war and the demise of a number of the smaller teams.

  • Toto Wolff feels all the ingredients at Mercedes have now come together

    Nico Rosberg has confirmed holding clear-the-air talks with Mercedes team-mate Lewis Hamilton to ensure they know where to draw future battle lines.

  • Lewis Hamilton is currently second in the standings

    Lewis Hamilton is hoping his recent victory in Bahrain has delivered a psychological blow to Mercedes team-mate Nico Rosberg as they scrap over this year's Formula One world title.

  • Luca di Montezemolo is not alone in his condemnation of the new-look Formula 1

    Ferrari president Luca Di Montezemolo has found a new ally in his war on the current state of Formula One.

  • Max Chilton fears claiming a point has now become a tough ask

    Max Chilton fears Marussia's best chance of finally breaking their points duck has disappeared for this season.

  • Ferrari president Luca Di Montezemolo appointed Marco Mattiacci as team principal following a disappointing start to the season

    Marco Mattiacci has vowed to win over the sceptics following his appointment as Ferrari's new team principal this week.

  • Daniel Ricciardo's joy in Melbourne was short-lived

    Daniel Ricciardo has already moved on from the bitter disappointment of this week's appeal loss that denied him the best result of his Formula One career.

  • Jenson Button has hailed the current F1 field as the best of his career

    Jenson Button believes the current Formula One field is the strongest he has experienced throughout his 15 years in the sport.

  • Stefano Domenicali has stepped down from his role as team principal of Ferrari

    Stefano Domenicali said it was time for a "significant change" as he announced his resignation as team principal of Ferrari.