Ecclestone Reveals F1 IPO Unlikely To Float On Stock Exchange Before 2014
F1 CEO Bernie Ecclestone revealed that F1 is "unlikely to float on the stock market" before '14, according to Alan Baldwin of REUTERS. In the paddock at the Abu Dhabi Grand Prix, Ecclestone said, "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. In my opinion we ought to (forget about 2013). I should think by 2014 the world will have sorted itself out a little bit better." F1 owners had been preparing 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 (REUTERS, 11/1). Meanwhile, the GULF NEWS reported that organizers of the Abu Dhabi Grand Prix announced on Thursday that the race weekend "has sold out" for the fourth consecutive year. Circuit bosses have said that an "unprecedented 35% of ticket sales were to regional and int'l fans who will be visiting" the city for the weekend (GULF NEWS, 11/1).