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

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
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

As in 1942, Germany must show restraint over Greece

As in 1942, Germany must show restraint over Greece

Mussolini tried to warn his ally of the danger of bringing the country to its knees. So should we, says Patrick Cockburn
Britain's widening poverty gap should be causing outrage at the start of the election campaign

The short stroll that should be our walk of shame

Courting the global elite has failed to benefit Britain, as the vast disparity in wealth on display in the capital shows
Homeless Veterans appeal: The rise of the working poor: when having a job cannot prevent poverty

Homeless Veterans appeal

The rise of the working poor: when having a job cannot prevent poverty
Prince Charles the saviour of the nation? A new book highlights concerns about how political he will be when he eventually becomes king

Prince Charles the saviour of the nation?

A new book highlights concerns about how political he will be when he eventually becomes king
How books can defeat Isis: Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad

How books can defeat Isis

Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad
Judith Hackitt: The myths of elf 'n' safety

Judith Hackitt: The myths of elf 'n' safety

She may be in charge of minimising our risks of injury, but the chair of the Health and Safety Executive still wants children to be able to hurt themselves
The open loathing between Barack Obama and Benjamin Netanyahu just got worse

The open loathing between Obama and Netanyahu just got worse

The Israeli PM's relationship with the Obama has always been chilly, but going over the President's head on Iran will do him no favours, says Rupert Cornwell
French chefs get 'le huff' as nation slips down global cuisine rankings

French chefs get 'le huff' as nation slips down global cuisine rankings

Fury at British best restaurants survey sees French magazine produce a rival list
Star choreographer Matthew Bourne gives young carers a chance to perform at Sadler's Wells

Young carers to make dance debut

What happened when superstar choreographer Matthew Bourne encouraged 27 teenage carers to think about themselves for once?
Design Council's 70th anniversary: Four of the most intriguing prototypes from Ones to Watch

Design Council's 70th anniversary

Four of the most intriguing prototypes from Ones to Watch
Dame Harriet Walter: The actress on learning what it is to age, plastic surgery, and her unease at being honoured by the establishment

Dame Harriet Walter interview

The actress on learning what it is to age, plastic surgery, and her unease at being honoured by the establishment
Art should not be a slave to the ideas driving it

Art should not be a slave to the ideas driving it

Critics of Tom Stoppard's new play seem to agree that cerebral can never trump character, says DJ Taylor
Bill Granger recipes: Our chef's winter salads will make you feel energised through February

Bill Granger's winter salads

Salads aren't just a bit on the side, says our chef - their crunch, colour and natural goodness are perfect for a midwinter pick-me-up
England vs Wales: Cool head George Ford ready to put out dragon fire

George Ford: Cool head ready to put out dragon fire

No 10’s calmness under pressure will be key for England in Cardiff
Michael Calvin: Time for Old Firm to put aside bigotry and forge new links

Michael Calvin's Last Word

Time for Old Firm to put aside bigotry and forge new links