Unlucky '13? F1 Now Looking At '14 For Stock Market Flotation
F1 CEO Bernie Ecclestone today said that the racing circuit is "unlikely to float on the stock market before 2014," according to Alan Baldwin of REUTERS. Ecclestone: "The market's going to take a little bit of settling down, I think. I think we ought to forget about it for next year. ... By 2014 the world will have sorted itself out a little bit better." Baldwin notes the owners of F1 had been looking at a $3B IPO in Singapore last June, but "decided to hold off as global markets tumbled and investor mood soured after Facebook's plunge in value following its flotation." Private equity firm CVC, the "largest shareholder in the sport, has since quietly sold down its stake" to around 35.5% from 63% "without the fanfare that accompanies a flotation." The sale included the Texas Teachers pension fund buying a 3% stake in F1 (REUTERS, 11/1).