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

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?
SPONSORED FEATURES
Independent Dating
and  

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

Career Services

Day In a Page

The Silk Roads that trace civilisation: Long before the West rose to power, Asian pathways were connecting peoples and places

The Silk Roads that trace civilisation

Long before the West rose to power, Asian pathways were connecting peoples and places
House of Lords: Outcry as donors, fixers and MPs caught up in expenses scandal are ennobled

The honours that shame Britain

Outcry as donors, fixers and MPs caught up in expenses scandal are ennobled
When it comes to street harassment, we need to talk about race

'When it comes to street harassment, we need to talk about race'

Why are black men living the stereotypes and why are we letting them get away with it?
International Tap Festival: Forget Fred Astaire and Ginger Rogers - this dancing is improvised, spontaneous and rhythmic

International Tap Festival comes to the UK

Forget Fred Astaire and Ginger Rogers - this dancing is improvised, spontaneous and rhythmic
War with Isis: Is Turkey's buffer zone in Syria a matter of self-defence – or just anti-Kurd?

Turkey's buffer zone in Syria: self-defence – or just anti-Kurd?

Ankara accused of exacerbating racial division by allowing Turkmen minority to cross the border
Doris Lessing: Acclaimed novelist was kept under MI5 observation for 18 years, newly released papers show

'A subversive brothel keeper and Communist'

Acclaimed novelist Doris Lessing was kept under MI5 observation for 18 years, newly released papers show
Big Blue Live: BBC's Springwatch offshoot swaps back gardens for California's Monterey Bay

BBC heads to the Californian coast

The Big Blue Live crew is preparing for the first of three episodes on Sunday night, filming from boats, planes and an aquarium studio
Austin Bidwell: The Victorian fraudster who shook the Bank of England with the most daring forgery the world had known

Victorian fraudster who shook the Bank of England

Conman Austin Bidwell. was a heartless cad who carried out the most daring forgery the world had known
Car hacking scandal: Security designed to stop thieves hot-wiring almost every modern motor has been cracked

Car hacking scandal

Security designed to stop thieves hot-wiring almost every modern motor has been cracked
10 best placemats

Take your seat: 10 best placemats

Protect your table and dine in style with a bold new accessory
Ashes 2015: Alastair Cook not the only one to be caught in The Oval mindwarp

Cook not the only one to be caught in The Oval mindwarp

Aussie skipper Michael Clarke was lured into believing that what we witnessed at Edgbaston and Trent Bridge would continue in London, says Kevin Garside
Can Rafael Benitez get the best out of Gareth Bale at Real Madrid?

Can Benitez get the best out of Bale?

Back at the club he watched as a boy, the pressure is on Benitez to find a winning blend from Real's multiple talents. As La Liga begins, Pete Jenson asks if it will be enough to stop Barcelona
Athletics World Championships 2015: Beijing witnesses new stage in the Jessica Ennis-Hill and Katarina Johnson-Thompson heptathlon rivalry

Beijing witnesses new stage in the Jess and Kat rivalry

The last time the two British heptathletes competed, Ennis-Hill was on the way to Olympic gold and Johnson-Thompson was just a promising teenager. But a lot has happened in the following three years
Jeremy Corbyn: Joining a shrewd operator desperate for power as he visits the North East

Jeremy Corbyn interview: A shrewd operator desperate for power

His radical anti-austerity agenda has caught the imagination of the left and politically disaffected and set a staid Labour leadership election alight
Isis executes Palmyra antiquities chief: Defender of ancient city's past was killed for protecting its future

Isis executes Palmyra antiquities chief

Robert Fisk on the defender of the ancient city's past who was killed for protecting its future