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ECCLESTONE SET FOR FORMULA ONE IPO NEXT YEAR
Published September 30, 1997
Formula One CEO Bernie Ecclestone said that $2.5B flotation of Formula One Holdings (F1) "could happen as early as next year," according to Patrick Harverson of the FINANCIAL TIMES. A "dispute" between Ecclestone and the 11 teams competing in F1 delayed the summer sale and had "led to speculation that Mr. Ecclestone would abandon the flotation." Ecclestone: "It's not a case of if, it's a case of when." Ecclestone added that "ideally he wanted the flotation to go ahead in early 1998, before the start of the next F1 season." Harverson reports that Ecclestone wants Salomon Brothers to "cut the time he would spend on a roadshow selling the issue to investors." As for a possible private sale, Ecclestone said that he had been approached by "one big company keen on buying a controlling stake in his business, but he was not interested." While he would not reveal the company, Harverson wrote that BSkyB "had shown an interest" in investing in F1 (FINANCIAL TIMES, 9/29).