CVC to sell 20% of F1 for $2bn

By on Tuesday, April 10, 2012

More details about Formula One's planned stock market floatation have emerged.

Bloomberg, the financial news agency, said majority owner CVC is seeking $2 billion by floating "about 20%" of the sport.

That would value F1 at about $10 billion.

The information was verified by "four people with knowledge of the matter", the report said.

"CVC wants to conduct the sale in Singapore as early as June, and is in discussions with investment banks about its plans, which aren't final," Bloomberg added.

The report added that Bernie Ecclestone plans to keep his 5.3% stake and will remain F1's chief executive.

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