No public floatation for F1 – Ecclestone

Mon, 1 November 2010, 10:01

Nov.1 (GMM) Bernie Ecclestone has played down suggestions formula one might be sold to the public.

A few years ago, the F1 chief executive said an initial public offering “would probably be the right way to go” for the sport.

But he has now told the Financial Times: “There’s no way I would sit in front of a load of shareholders.

“It wouldn’t float under me,” insisted the 80-year-old.

F1 is currently majority owned by private equity investor CVC Capital Partners, with Ecclestone holding 5.3 per cent.

The report said the Briton values the organisation at $6 or $7 billion, but he is not worried about who will run F1 in his stead.

“Somebody will emerge when I’m not there,” said Ecclestone. “I think two or three people may come out the woodwork but I don’t think it could be carried on in the same way as it has.”

He said there is “no truth” to the rumours Flavio Briatore is a leading candidate.

Ecclestone also admitted that he would like Red Bull’s Mark Webber or Sebastian Vettel to win the 2010 title, so that there are five active world champions on the grid in 2011.

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