CVC waiting for right time for F1 flotation

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CVC, the group that owns Formula One, is not going to be rushed into the flotation of the sport on the Singapore stock exchange, according to co-chairman Donald Mackenzie.

The flotation has been postponed once before, but all involved with the deal have suggested that it will be completed sometime in the fall of 2013. However, Mackenzie refused to comment on any timescale.

“Our position on the IPO is when the market is right and the company is ready we’ll look at it,” Mackenzie explained to Press Association.

“Although the IPO market is better than it was a year ago, the company still has a few issues to sort out. So it may happen this year, it may be next year, but we’re not in a big rush.”

Mackenzie also dismissed any rumors suggesting that CVC will no longer have a share in the sport, attacking those who believe that the private equity firm is damaging Formula One.

“We like being a shareholder, even though we get a bit of grief every so often from people who don’t really know what they’re talking about in my opinion.”

It remains unclear just when Formula One will finally appear on the Singapore stock exchange, but one would expect the target to be for it to occur by the end of the year, to coincide with the new regulations for 2014.