Peter Brabeck, who earlier today was confirmed as Formula One's new chairman, has said that there is no rush to float the sport on the Singapore Stock Exchange.

The Nestle chairman, who was installed as chairman at a board meeting in Monaco earlier today, said that while the thumbs up has been given for the floatation, a date has yet to be set, the Austrian pointing to the recent problems with Facebook's floatation.

"It was the first time that the board had a report on the preparation, there was pre-valuation of the whole process," he told Reuters. "I think we made a step forwards but no decision has been taken.

"Within the board there is an IPO committee and the committee will come back to the full board when it feels that the next board meeting is necessary," he added. "We have not even fixed the next meeting. We left this thing open."

Brabeck, who was Bernie Ecclestone's preferred man for the F1 role, admitted that while the board had agreed a plan to replace the F1 supremo, he hoped the move wouldn't become necessary for some time.

"He has a fantastic motivation. He has very good health," said the Austrian. "As Bernie has said, you can't replace Frank Sinatra but you can find another singer. One day we are going to find another singer and he or she will be different. The show will go on."