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Team bosses unimpressed by F1 float

NEWS STORY
23/03/2012

Despite previous calls for ownership of the sport, team bosses appear unimpressed about CVC's plan to float Formula One on the Singapore Stock Exchange.

First reported by Pitpass last November, the signs are that CVC is indeed looking to float the sport. However, talking to the media in Sepang, team bosses were giving little away.

"I don't think it would benefit us as a team," said McLaren boss Martin Whitmarsh. "Although I have no details of the proposal. Generally, floatations and change of ownerships aren't done for the benefit of the sport.

"What we as race teams need to concentrate on is putting a show on here and that clearly the owners decide on what they do with the asset," he added.

When asked if he would be interested in purchasing a stake, the Englishman smiled and replied: "I can't afford it.

"It's not our business," he added, "our business is as a race team primarily with a few other businesses as well. Being owners of Formula One isn't something that's in our plans."

"Floatations can mean many things," added Lotus chairman Gerard Lopez. "If you take to the market a minority share, does it change anything in ownership, give more liquidity to the owners, maybe more money to the sport?.

"As long as there are no details on what exactly would be 'IPO'ed or not, I don't think there's much to be discussed as it could mean many, many things to many people," he added. "So it really depends on what you are willing to take to the market."

"From Red Bull's perspective, we are an engine, we're a team and we're very happy with that and do not see a necessity or a requirement to have a shareholding," said Christian Horner.

As far as Formula One goes, it might have made more sense if all the teams could afford it and they all became shareholders in some form or fashion but that's not going to happen," added Lopez.

"So as far as investing in Formula One, I think it then becomes purely financial position and then falls out of the sport and if somebody wants to invest or not then it's like any other stock."

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