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Tuesday, 22 May 2012 10:01 |
 Even ahead of Formula One's Singapore stock market floatation, the championship has some new owners.
Reuters, the specialist financial market news agency, said USA based asset managers Waddell and Reed, Blackrock and Norway's Norges Bank have bought a $1.6 billion stake from existing owners CVC.
The report cited a source "with direct knowledge of the matter". The companies did not immediately comment.
It drops CVC's stake from 63.4 percent to about 40 percent, the source said.
We reported on Monday that the Singapore stock exchange approved Formula 1's plan to raise as much as $3 billion in an initial public offering.
Other reports said pre-marketing for the listing, likely to go ahead at the end of June, will begin immediately.
"It is not our practice to publicly comment on our dealings with listing aspirants," said a Singapore bourse spokesman.
Some insiders have expressed concern.
"Look at the muted first day response to Facebook's IPO," an unnamed banker told the Singapore broadsheet Straits Times. "The Formula 1 listing is not nearly as attractive and long awaited as that."
F1SA.com
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