Singapore mum on F1 listing report

Updated: 20 March 2012 16:57 IST

Singapore's bourse would not comment on  Tuesday on media reports that Formula One supremo Bernie Ecclestone was looking to the Asian financial hub for a potential stock listing.

Singapore mum on F1 listing report

Singapore:

Singapore's bourse would not comment on  Tuesday on media reports that Formula One supremo Bernie Ecclestone was looking to the Asian financial hub for a potential stock listing.

"It is not our practice to publicly comment on our dealings with individual entities," a Singapore Exchange (SGX) spokeswoman told AFP in response to queries about whether F1 had made an approach.

"Singapore Exchange, the Asian Gateway, is a proven platform for local and international companies to meet their funding and business objectives," she added.

Britain's Sky News television had earlier reported that Ecclestone was planning an initial public offering and that he preferred to launch the IPO either in Singapore or Hong Kong.

The report said the share offer will be for part of current owners CVC Capital Partners' stake in F1 and would value the motor-racing sport at more than $10 billion.

The share offer,part of a new "Concorde Agreement" that governs the distribution of F1's commercial revenues and will take effect between 2013 and 2020, was "seen as being likely within 12 months," Sky News reported.

The report added that the Concorde Agreement, which has not been publicly issued,was "peppered" with mentions of the share flotation.

It said SGX was seen as a destination which "makes sense" due to the sport's growing appeal in Asia.

However, teams were up in arms over a stipulation in the agreement that will give Ferrari,the team that has competed in the most number of seasons since 1950, as well as world champions Red Bull a seat apiece on the board of the sport, the Times of London reported.

Other teams including one of F1's biggest investors Mercedes as well as McLaren, the second most senior team in F1,will not have board seats.

The British newspaper quoted a senior executive from an unnamed team as saying that the agreement was "outrageous" and "against every facet of European competition law".

With Europe facing a debt crisis and the US economic rebound still gaining traction, companies are looking at Asia's cash-rich capital markets to raise funds.

English football giants Manchester United have also looked to Singapore to launch an IPO, and Singapore authorities have approved the club's application to list in the city-state.

But no date has been given for the IPO as the Red Devils, who are currently top of the English Premiership,are understood to be waiting for the ideal market conditions.

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