McLaren team principal Martin Whitmarsh sees no benefit to proposed F1 flotation

 

McLaren team principal Martin Whitmarsh believes supremo Bernie Ecclestone's plans to float Formula One on the stock exchange would bring no benefit to the sport.

It has been suggested that as part of a new Concorde Agreement - the tri-partite pact that binds together the teams, the FIA and F1's owners - Ecclestone would prepare an initial public offering (IPO) in Asia, most likely on the Singapore Stock Exchange.

It is understood CVC Capital Partners, the primary owner of F1 with a 63.4% stake, would make part of that available for the IPO.

With Singapore Stock Exchange rules requiring a minimum 15% be put up for float, on that basis there is the prospect an IPO would raise close to £1billion.

Whitmarsh, however, said: "I don't think it will benefit us as a team, but I have no detail of proposals anyway.

"Generally flotations and change of ownership are not done for the benefit of a sport. What we, as race teams, need to concentrate on is putting a show on here, and the owners can decide what they do with the asset."

Asked whether McLaren as an organisation would be interested in purchasing a stake in F1, Whitmarsh dismissed the idea.

"Our business is we are a race team, although we've a few other businesses as well," added Whitmarsh.

"But being owners of F1 is something that is not in our plans."

Red Bull team principal Christian Horner was of the same mind as he said: "We are an entrant, a team and don't see the necessity to have a shareholding."

As for the prospect of F1 going public, Horner said: "At the end of the day it is not down to us.

"It's down to the shareholders, CVC and Bernie. It's their business, not the teams."

Regarding any benefit to F1, Horner said: "Possibly, but we are not involved in the detail.

"I heard there is potential discussion, and it is an interesting concept."

Lotus owner Gerard Lopez, a renowned businessman in his own right, recognises the fact an IPO would still mean CVC retaining ownership of F1, albeit with a reduced share.

"Flotations can mean many things," said Lopez.

"If you take to the market with a minority share, it doesn't change anything with regard to ownership.

"It may bring more money to the sport, but if there is no detail as to what will be IPO'd or not, I don't think there is much to discuss because it can mean many things to many people.

"It really depends on what you are going to take to the market."

PA

Arts and Entertainment
TVShow's twee, safe facade smashed by ice cream melting scandal
News
Brad Pitt and Angelina Jolie reportedly married in secret on Saturday
peopleSpokesperson for couple confirms they tied the knot on Saturday after almost a decade together
Arts and Entertainment
tv
Arts and Entertainment
Lisa Kudrow, Courtney Cox and Jennifer Anniston reunite for a mini Friends sketch on Jimmy Kimmel Live
tv
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
Actor, model and now record breaker: Jiff the Pomeranian
Video
News
REX/Eye Candy
science
Sport
Alexis Sanchez celebrates after scoring his first goal for Arsenal in the Champions League qualifier against Besiktas
sportChilean's first goal for the club secures place in draw for Champions League group stages
News
i100
News
Down time: an employee of Google uses the slide to get to the canteen
scienceBosses are inventing surprising ways of making us work harder
Caption competition
Caption competition
Latest stories from i100
Daily Quiz
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

Israel-Gaza conflict: No victory for Israel despite weeks of death and devastation

Robert Fisk: No victory for Israel despite weeks of devastation

Palestinians have won: they are still in Gaza, and Hamas is still there
Mary Beard writes character reference for Twitter troll who called her a 'slut'

Unlikely friends: Mary Beard and the troll who called her a ‘filthy old slut’

The Cambridge University classicist even wrote the student a character reference
America’s new apartheid: Prosperous white districts are choosing to break away from black cities and go it alone

America’s new apartheid

Prosperous white districts are choosing to break away from black cities and go it alone
Amazon is buying Twitch for £600m - but why do people want to watch others playing Xbox?

What is the appeal of Twitch?

Amazon is buying the video-game-themed online streaming site for £600m - but why do people want to watch others playing Xbox?
Tip-tapping typewriters, ripe pongs and slides in the office: Bosses are inventing surprising ways of making us work harder

How bosses are making us work harder

As it is revealed that one newspaper office pumps out the sound of typewriters to increase productivity, Gillian Orr explores the other devices designed to motivate staff
Manufacturers are struggling to keep up with the resurgence in vinyl records

Hard pressed: Resurgence in vinyl records

As the resurgence in vinyl records continues, manufacturers and their outdated machinery are struggling to keep up with the demand
Tony Jordan: 'I turned down the chance to research Charles Dickens for a TV series nine times ... then I found a kindred spirit'

A tale of two writers

Offered the chance to research Charles Dickens for a TV series, Tony Jordan turned it down. Nine times. The man behind EastEnders and Life on Mars didn’t feel right for the job. Finally, he gave in - and found an unexpected kindred spirit
Could a later start to the school day be the most useful educational reform of all?

Should pupils get a lie in?

Doctors want a later start to the school day so that pupils can sleep later. Not because teenagers are lazy, explains Simon Usborne - it's all down to their circadian rhythms
Prepare for Jewish jokes – as Jewish comedians get their own festival

Prepare for Jewish jokes...

... as Jewish comedians get their own festival
SJ Watson: 'I still can't quite believe that Before I Go to Sleep started in my head'

A dream come true for SJ Watson

Watson was working part time in the NHS when his debut novel, Before I Go to Sleep, became a bestseller. Now it's a Hollywood movie, too. Here he recalls the whirlwind journey from children’s ward to A-list film set
10 best cycling bags for commuters

10 best cycling bags for commuters

Gear up for next week’s National Cycle to Work day with one of these practical backpacks and messenger bags
Paul Scholes: Three at the back isn’t working yet but given time I’m hopeful Louis van Gaal can rebuild Manchester United

Paul Scholes column

Three at the back isn’t working yet but given time I’m hopeful Louis van Gaal can rebuild Manchester United
Kate Bush, Hammersmith Apollo music review: A preamble, then a coup de théâtre - and suddenly the long wait felt worth it

Kate Bush shows a voice untroubled by time

A preamble, then a coup de théâtre - and suddenly the long wait felt worth it
Robot sheepdog technology could be used to save people from burning buildings

The science of herding is cracked

Mathematical model would allow robots to be programmed to control crowds and save people from burning buildings
Tyrant: Is the world ready for a Middle Eastern 'Dallas'?

This tyrant doesn’t rule

It’s billed as a Middle Eastern ‘Dallas’, so why does Fox’s new drama have a white British star?