CVC waiting for right time for F1 flotation - MotorSportsTalk

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.

An IndyCar executive said there is “absolutely” disappointment that its long-awaited video game recently was delayed beyond its target date, but the series remains optimistic about the new title.

“Well, I don’t know how quick it will be, but the whole situation is important to us,” Penske Entertainment president and CEO Mark Miles said during a news conference Monday morning to announce IndyCar’s NTT title sponsorship. “Motorsport Games has spent a lot of money, a lot of effort to create an IndyCar title. What we’ve seen of that effort, which is not completely obvious, is very reassuring.

“I think it’s going to be outstanding. That’s our shared objective, that when it is released, it’s just widely accepted. A great credit both to IndyCar racing, the Indianapolis Motor Speedway, something that our fans love.”

In June 2021, IndyCar announced a new partnership with Motorsport Games to create and distribute an IndyCar video game for the PC and Xbox and PlayStation consoles in 2023.

But during an earnings call last week, Motorsport Games said the IndyCar game had been delayed to 2024 to ensure high quality.

Somewhat compounding the delay is that IndyCar’s license for iRacing expired after the end of the 2022 season because of its exclusive agreement with Motorsport Games.

That’s resulted in significant changes for IndyCar on iRacing, which had provided a high-profile way for the series to stay visible during its 2020 shutdown from the pandemic. (Players still can race an unbranded car but don’t race on current IndyCar tracks, nor can they stream).

That’s helped ratchet up the attention on having a video game outlet for IndyCar.

“I wish we had an IndyCar title 10 years ago,” said Miles, who has been working with the organization since 2013. “We’ve been close, but we’ve had these I think speed bumps.”

IndyCar is hopeful the Motorsports Game edition will be ready at the start of 2024. Miles hinted that beta versions could be unveiled to reporters ahead of the time “to begin to show the progress in a narrow way to make sure we’ve got it right, to test the progress so that we’re ready when they’re ready.”

It’s been nearly 18 years since the release of the most recent IndyCar video game for console or PC.

“(We) better get it right,” Miles said. “It’s something we’re very close to and continue to think about what it is to make sure we get it over the line in due course.”