FORMULA ONE IPO COULD BE FLOATED BY JULY

          Bankers for Formula One's said the organization could
     float on the London stock market for between $2.4B and $3.2B
     before the British Grand Prix in July, according to John
     Griffiths in the FINANCIAL TIMES.  Salomon Brothers has said
     that "final obstacles to the flotation have been resolved." 
     Half of Formula One Holdings is expected to be floated with
     CEO Bernie Ecclestone retaining 30%, the racing teams
     collectively retaining 10%, and the sport's Paris-based
     world governing body, FIA, having the remaining 10%, "in
     exchange for extending for 25 years the commercial rights to
     Formula One it ceded" to Ecclestone's companies.  The "high
     valuation" on the business is based heavily on projected
     earnings from PPV (FINANCIAL TIMES, 5/19).