Fri, 01 Jun 2012 14:43:40 GMT

Ecclestone confirms F1 floatation delay

Bernie Ecclestone has confirmed that plans to float formula one on the Singapore stock exchange have been put on the back burner for now.

Bernie Ecclestone

Formula One commercial supremo Bernie Ecclestone speaks on the phone during the Monaco F1 Grand Prix May 25, 2012.

The F1 chief executive said in Monaco last weekend that the sport's owners had adopted a "wait and see" attitude in light of the problems with Facebook's high profile listing.

And this week, London based jeweller Graff Diamonds postponed its Hong Kong floatation, citing adverse market conditions.

Ecclestone told Bloomberg on Thursday that F1 is also going to wait for the markets to "settle down".

"I'm absolutely confident we will do it this year," said the 81-year-old.

"There's no rush, the markets aren't good at the moment, it doesn't inspire people," the Briton added. "We don't have to do it now."

Source: GMM

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