Citing sources with “direct knowledge of the matter”, Reuters stated that the IPO is expected in July with Goldman and UBS set to perform the lead roles of joint global coordinator and bookrunner for the process. Bank of America-Merrill Lynch, Morgan Stanley and Deutsche Bank were also reportedly invited to take part in a pitching process conducted in Singapore last week. Goldman has already conducted early work on the process, while UBS has close ties to F1 as an official global partner of the sport.
CVC holds a 63.4% stake in Formula One. Reuters reports that CVC is seeking to list part of the business in Singapore, which stages an annual grand prix, but would continue to hold a stake. The report comes after Formula One’s commercial rights-holder Bernie Ecclestone last month said the majority of the championship’s teams, including Ferrari, McLaren and Red Bull Racing, had reached an agreement to continue racing after the current Concorde Agreement expires at the end of this season. The confidential Agreement between Ecclestone’s Formula One Management (FOM) and the teams divides up the commercial revenues of the sport, including television rights and prize money. Sportsbusiness.com