Formula One stalls on going to the market
The much-publicised $10 billion listing of Formula One in Singapore is set to be put on hold as volatile conditions and ongoing uncertainty with the Euro continue to undermine markets.
Doubts had been raised in recent days after four companies withdrew planned floataions in Asia, and yesterday Bernie Ecclestone admitted that events outside even his control would be the deciding factor.
"We haven't got a date set yet, but with all the problems in the eurozone and the markets, we will be waiting until things have settled a little," he said. "Who would want to try and list now? I did see what Graff did, and it shows now isn't the right time. This year, for sure, we are going to go through to market. I don't think there's a big rush, but we plan to get it done by the end of the year.
"With the way things are at the moment, people are reluctant to invest. Look at the markets. If people aren't buying stock on companies that have been on the markets for 20 years, why will they come and invest in a new one now?"
Although the final decision has to be made by the board, Ecclestone's comments make it highly unlikely the plans to go to the market later this month will be carried out.
"We'll wait until October or November when the Formula One season is over," Ecclestone said. "At the moment we just don't have time to do an investor roadshow."
Asked if the disappointing Facebook launch was another factor he said it was "obviously a problem" but added: "The price they put on it was ridiculous. How they ever got to that figure I'll never know."