Formula one is worth about $8 or $9 billion, as the sport’s owner CVC confirmed it has this week sold a 21 per cent stake to new investors.

News of the sale coincided with the launch of pre-marketing ahead of one of the biggest ever sports floatations, data by the financial experts Thomson Reuters shows.

“It’s cheap compared to Facebook,” chief executive Bernie Ecclestone told reporters on Tuesday, confirming that the Singapore IPO looks set to go ahead soon “with no dramas”.

“All the things that have to happen have happened. It will be finished by the end of June,” the 81-year-old is quoted by the Telegraph.

F1′s new one-fifth owners are US managers Waddell and Reed, the powerful Blackrock and Norway’s central bank Norges.

“It’s a great way to start the IPO and lets investors know what they can expect,” said Ecclestone.

The diminutive Briton said he is keeping his 5.3 per cent stake, and staying in charge. His former wife Slavica controls another 8.5pc, the news agency Bloomberg said.

“You might as well have asked Frank Sinatra who he would appoint to replace him,” Ecclestone insisted.

CVC said in a statement that is remains F1′s biggest and controlling shareholder.

 Pedro de la Rosa has defended the viability of struggling HRT, despite its new owners trying to build up a formula one team in the mist of a near-unprecedented economic crisis.
The unemployment rate in Spain has spiralled past 20 per cent, and yet owners Thesan have taken on the task of rebuilding the former Hispania team following the departure of boss Colin Kolles and all the infrastructure.

The F112, bearing more than a striking resemblance to the Dallara-designed 2010 and 2011 car, was launched recently with a new livery but only two visible sponsors.

Asked whether it is a good time to push ahead in Spain with a formula one project, lead driver de la Rosa said: “Any moment can be good.

“There is a large labour force in Spain, highly educated and motivated people, young people pushing hard and experienced people.”

But in formula one, money is the fuel and it’s difficult to come by at present.

“This is a time of crisis,” de la Rosa acknowledged to DPA news agency, “and also it has been noticed in formula one and budgets have gone down.”

He admitted, however, that HRT will have to attract more backing in order to survive.

“If the (financial) injection does not come, it is going to be difficult,” said the 41-year-old. “We need sponsors, investors who believe in the project, to help us to grow.

“It’s obvious, we need it, but first we need to build a foundation so it can be seen that it is profitable to invest in our team,” he added.

Despite playing down the rumours mere days ago, Virgin boss John Booth on Friday confirmed Robert Wickens as the team’s new reserve driver.
It had been reported Canadian Wickens, 22, backed substantially by Virgin team sponsor and investor Marussia, was set to join the British based team.

But Booth said two weeks ago: “Robert is concentrating on his Renault series.”

However, Virgin Racing announced on Friday that he has signed on as a 2011 reserve driver alongside Japanese Sakon Yamamoto.

“Toronto-born Robert will attend each of the remaining grands prix where there is no clash with the Formula Renault 3.5 series, with effect from next weekend’s Canadian grand prix”, said the team.

“We are delighted to welcome him to Virgin Racing’s roster of reserve drivers,” said Booth.

It has been reported Wickens is first in line should race driver Jerome d’Ambrosio’s sponsors continue to delay their payments.

Virgin on Thursday confirmed reports Nick Wirth has left the struggling team.
Chief executive Andy Webb told us in a statement that the decision followed a “comprehensive review” in the wake of Russian carmaker Marussia’s arrival as title sponsor and investor.

The statement said “it is readily apparent that the team must take major steps in order to accelerate its rate of improvement”.

“Consequently, the decision has been taken that the team will take greater control of its own destiny,” added Webb, revealing Virgin has therefore been “obliged to terminate our relationship” with Wirth and his company Wirth Research.

“Looking ahead, we will now be pursuing an alternative technical path and look forward to announcing our plans in more detail over the coming weeks,” he said.

Webb however denied suggestions the split with Wirth means the computational fluid dynamics (CFD) approach has proved a failure, but left the door open to new options.

“At this stage I would like to underline our continued commitment to a cost-efficient commercial model,” he said.

“We maintain our absolute belief in CFD as a technology, especially since it continues to become more cost-effective with every year.

“Naturally, we will continue to use every means at our disposal to improve the aerodynamics of our car with immediate effect.”

The British Racing Drivers’ Club (BRDC) insists it has not run out of money to complete sweeping renovations at its British grand prix venue Silverstone.
The circuit-owning BRDC announced on Thursday it is seeking investors to help realise “the full potential of Silverstone”.

A new pit and paddock complex is being constructed at the Northamptonshire venue, and there have been rumours that money is running short.

But the BRDC insisted that if a “suitable investor” is not found, “we will continue with the development ourselves, albeit at a slower pace”.

Some observers interpreted the announcement as a desperate plea for more money, but BRDC chairman Stuart Rolt dismissed that view.

“You can see our accounts every year and they will tell you we are making money,” he told the Telegraph.

“If there’s one thing I want to get across it is that the rumours of impending financial peril are complete rubbish. These are exciting times,” he added.

The Vietnamese government has played down the possibility of a formula one grand prix in the southeast Asian country.

It was reported last week that Hans Geist, linked in the past with F1 forays in Russia, Austria and Bahrain, has proposed a $150 million project to Vietnam’s ministry of planning and investment.

The proposal is for a formula one circuit to be built near Nha Trang Bay in central Khanh Hoa province in three years.

The Ministry of Planning and Investment subsequently confirmed that a working session with Geist took place.

But Dang Huy Dong, the deputy minister, stressed that the possibility of a grand prix should not be overstated.

“To date, the only thing the investor has done is meet with relevant Vietnamese authorities to find out about the feasibility of the project,” he told the Thoi bao Kinh te Viet Nam newspaper.

“It is too early to say if such a project will really take place in Vietnam,” he added.

Bernie Ecclestone has played down suggestions formula one might be sold to the public.

A few years ago, the F1 chief executive said an initial public offering “would probably be the right way to go” for the sport.

But he has now told the Financial Times: “There’s no way I would sit in front of a load of shareholders.

“It wouldn’t float under me,” insisted the 80-year-old.

F1 is currently majority owned by private equity investor CVC Capital Partners, with Ecclestone holding 5.3 per cent.

The report said the Briton values the organisation at $6 or $7 billion, but he is not worried about who will run F1 in his stead.

“Somebody will emerge when I’m not there,” said Ecclestone. “I think two or three people may come out the woodwork but I don’t think it could be carried on in the same way as it has.”

He said there is “no truth” to the rumours Flavio Briatore is a leading candidate.

Ecclestone also admitted that he would like Red Bull’s Mark Webber or Sebastian Vettel to win the 2010 title, so that there are five active world champions on the grid in 2011.

The addition of Bulgaria to the F1 calendar could mean the end of the sport’s Hungarian and Turkish rounds.

That is the claim of organiser and Bulgarian motor racing official Bogdan Nikolov, who said this week that a contract for a debut race in 2012 could be signed as soon as next month.

The news follows a scandal earlier this year, when Abu Dhabi investors reportedly reacted furiously to funding claims about the Bulgarian event.

But Nikolov insists the Arab investors are still interested in the project, suggesting that the scandal was more due to “competitive” interests.

“If there is formula one grand prix in Sofia, there won’t be races on Istanbul Park (in Turkey) and (the) Hungaroring. We will be the only grand prix in eastern Europe,” he told the Sofia news agency Novinite.

Joan Villadelprat on Monday insisted he has not given up on bringing his Spanish Le Mans team Epsilon Euskadi into formula one.

The Spaniard tried to acquire the thirteenth and final team entry for 2011, but the FIA ruled that none of the applicants had the financial resources to justify the go-ahead.

But Villadelprat told the Noticias de Gipuzkoa that the 13th entry is not the only route into F1.

“We have not thrown in the towel,” he confirmed.

“The most important thing in formula one is the funding that allows you develop for the long-term. We already have the infrastructure and human capacity.

“We are still working with a range of investors and we hope soon to have a final decision,” added Villadelprat. “If the decision is positive, we have a range of options.

“We can go for the 13th entry in 2012, or for 2011 buy an existing team.”

He ruled out buying the struggling HRT team.

“We are not in contact with them,” said Villadelprat, with decades of experience in F1 with Ferrari, McLaren, Benetton and Prost.

“But we are confident that there are licenses available, because there are several teams in a very delicate economic situation,” he added.

“If we secure the budget for the next four years to take over the project of one of these teams, we will — otherwise, no.”

A deal to host at least seven Russian grand prix in Sochi beginning in 2014 has been reached, the country’s president Vladimir Putin announced on Thursday.

“An agreement with the (sport’s) organising company has been reached,” he told investors in the Black Sea resort city, according to the state news agency Ria Novosti.

F1 chief executive Bernie Ecclestone was reportedly also in Sochi to sign the contract.

“In order to organise the work properly, we should create a management company here, in our country.  It should consist of private national companies,” Putin added.

The report said some of Russia’s biggest companies, including the state enterprise Rostekhnologii, mobile phone operator Megafon, oil company Lukoil and aluminum giant Rusal will invest in the circuit that could cost $200 million.

Nikolai Fomenko, boss of Marussia, said last month that he planned to bring the Russian sports car maker into F1 in 2012.  The company already sponsors the Virgin team.

“The signing of the agreement to stage a grand prix in Sochi will help put a Russian team in F1,” said Igor Yermilin, an official of the Russian Motor Racing Federation.

The minority share of the Williams team now owned by Austrian Christian ‘Toto’ Wolff is 10 per cent, it has emerged.

sThe stake bought in 2009 by the motor racing enthusiast and investor, whose girlfriend is the Scottish DTM driver Susie Stoddart, was not disclosed at the time.

But according to a report in London’s Evening Standard, based on company filings by the Oxfordshire based team, the figure is 10 per cent.

The report said Wolff is believed to have paid about $16 million for the stake, which would value the British outfit at about US $160m.

Sir Frank Williams’ stake has therefore dropped from 70 to 63 per cent, and Patrick Head’s from 30 to 27 per cent.

Wolff, 38, also owns shares in Aces Management, the driver management firm involving Didier Coton and Mika Hakkinen, as well as the F3 engine supplier HWA.

Reports are linking Sauber with a significant Mexican investment.

In the wake of former owner BMW’s F1 departure, the Swiss team has been running a mainly blank livery in 2010, whilst working hard on securing a full budget for next season.

Recent paddock rumours have hinted at talks with Carlos Slim, the Mexican billionaire.

Slim’s Telmex company already sponsors Sergio Perez in GP2, but already under contract at Sauber is another Mexican, the teenaged GP3 driver Esteban Gutierrez.

“We think he’s a very promising talent and we’ll continue with him,” said Sauber’s managing director Monisha Kaltenborn recently.

Her boss Peter Sauber told Auto Bild Motorsport: “We need an investor, we need sponsors, I need to bring stability to the team.

“I do not want to sell,” he insisted.