Formula 1 fans, do you want to own a part of the sport you love? Well, you can technically do so soon, as F1 is all set to make its debut on the Singapore stock exchange. The floatation on SGX, scheduled to happen next month, is expected to offer up to 30% of shares to investors.
The man running the show will be Austrian Peter Braback-Letmathe, a non-executive board member of Delta Topco, which is the parent company of CVC Capital Partners, the private equity group that holds F1’s commercial rights. Braback-Letmathe is also chairman of the board and a former CEO of Swiss food giant Nestle.
“We intend to float F1 in Singapore soon. Some roadshows and presentations have taken place already. It’s true that I said I would be ready to chair the board in a non-operative function. If F1 goes public it will be important to have an independent chairman.” Braback-Letmathe told Austrian newspaper Salzburger Nachrichten.
Pretty soon, “I own Formula 1” will be a boast non-Bernie Ecclestones like you and me can pull off, even if it’s just 0.00001% :)