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F1 warming up for Singapore IPO

Formula One chief Bernie Ecclestone said on Wednesday, 21st of March  he had recommended Singapore as the best place to float the motor racing business, seeking to tap Asian enthusiasm for international sporting brands.

Ecclestone - a former driver and team boss, has built Formula One (F1) - and with it his estimated $4.2 billion fortune - made the proposal, but a decision on any flotation was up to CVC Capital Partners, the private equity company that has owned a majority of the business since 2006. CVC, which owns 63.4 percent of F1, would continue to be a long-term holder of the business, and the initial public offering (IPO) option being explored is for only part of the company, a source close to the matter said.
The diminutive Ecclestone, English soccer champions Manchester United also had plans for a $1 billion flotation in the Southeast Asian city state last year but put them on ice because of market volatility.

Britain's Sky News has reported that CVC has asked Goldman Sachs to examine a placement of some F1 shares with a new investor as a precursor to a formal Singapore IPO.

The Sky report put a potential valuation of over $10 billion on the business. Goldman Sachs and CVC declined to comment.

A minimum 15 percent float in Singapore would make the deal worth $1.5 billion.