Even ahead of F1′s Singapore floatation, the sport has some new owners.

Reuters, the specialist financial market news agency, said US-based asset managers Waddell and Reed, Blackrock and Norway’s Norges Bank have bought a $1.6 billion stake from existing owners CVC.

The report cited a source “with direct knowledge of the matter”. The companies did not immediately comment.

It drops CVC’s stake from 63.4 per cent to about 40pc, the source said.

We reported on Monday that the Singapore stock exchange approved F1′s plan to raise as much as $3 billion in an initial public offering.

Other reports said pre-marketing for the listing, likely to go ahead at the end of June, will begin immediately.

“It is not our practice to publicly comment on our dealings with listing aspirants,” said a Singapore bourse spokesman.

Some insiders have expressed concern.

“Look at the muted first-day response to Facebook’s IPO,” an unnamed banker told the Singapore broadsheet Straits Times. “The F1 listing is not nearly as attractive and long-awaited as that.”

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.

Bahrain, the controversial island Kingdom, could have been central to McLaren’s decision to agree the terms of the next Concorde Agreement.

Bahrain’s ruling family, through its investment arm Mumtalakat Holdings, owns half of the famous British team.

The Times’ F1 correspondent Kevin Eason quoted a source as saying the link “pushed (McLaren’s) Concorde deal over the line”.

In return for signing up, Bahrain reportedly received a “pledge” that last month’s highly contentious grand prix would go ahead.

Eason also said it is possible that one of McLaren’s two Bahraini directors, rather than the obvious choice Ron Dennis, could be appointed to the F1 board once the sport is floated on the Singapore exchange.

Bernie Ecclestone denied the 2012 Bahrain grand prix and the Concorde Agreement deal were linked.

“It was nothing to do with the Bahrain race (going ahead),” the F1 chief executive insisted. “But McLaren liked the deal.”

Intriguingly, however, F1′s post-stock market floatation chairman Peter Brabeck-Letmathe has defended the controversial decision to push ahead with Bahrain last month.

“The race was exploited by the opposition in Bahrain, not vice versa,” he told the Austrian newspaper Kleine Zeitung. “That was not interpreted correctly by the media.

“If groups want to exploit sporting events for their interests, then the worst thing you can do is give way.”

Brabeck also compared Bahrain to England.

“In what countries are there no riots?” he asked rhetorically. “A year ago there were riots in London — should the Olympic Games now be cancelled?”

Mercedes is “on the verge” of quitting formula one.

That is the alarming claim of the London newspaper The Times, in an article written by its authoritative F1 correspondent Kevin Eason.

Eason wrote that while rival top teams Ferrari, McLaren and Red Bull will get to appoint directors once F1 is floated on the Singapore exchange, Mercedes has not been extended the same offer.

“Why should Mercedes have the same deal as the others?” F1 chief executive Bernie Ecclestone is quoted as saying. “What have they done in formula one?

“They won a race and that is it.”

That attitude, Eason argues, has left Mercedes “on the verge of quitting formula one”, having apparently conducted a study into how its Brackley based works team could be withdrawn.

Eason also quoted Ecclestone as having “scoffed” at the suggestion Mercedes quitting could wipe 20 per cent off the value of F1′s stock market floatation.

Food giant Nestle’s boss has confirmed he is set to enter the world of formula one.

Austrian businessman Peter Brabeck-Letmathe confirmed to Kleine Zeitung newspaper that he has been lined up to chair the sport’s parent company once it has floated on the Singapore exchange.

“That’s right,” said the 67-year-old.

“And it’s true that I have agreed to take over the chairmanship of the supervisory board in a non-executive function.

“If formula one is to be a public company then it is important that the chairman is independent.”

Brabeck-Letmathe confirmed that Bernie Ecclestone, 82, is remaining F1′s chief executive.

“We certainly hope that Bernie stays healthy for a long time and can keep on working,” he said.

“I am already impressed with his performance. But of course it is the task of a supervisory board to ensure the succession of a business.

“At Nestle, I have always ensured that everyone can be replaced from the executive board within 24 hours. So we need to think about how to replace Bernie Ecclestone as well.”

The fact F1 has chosen the Singapore exchange for the sport’s high profile floatation does not mean the city-state’s popular floodlit street race is guaranteed.

The night event’s existing five year contract runs out this year, although a two-year notice clause in the deal means Singapore should stay on the calendar at least until 2014.

On the face of it, a new deal seemed a certainty, given it was Bernie Ecclestone himself who chose Singapore as the location for F1′s forthcoming floatation.

“Formula one is known in Singapore, and Asia is thriving. It is a simpler market and not as restrictive,” he said recently.

Talks about a new race deal “are underway”, the local Business Times reported in March, “but it is understood that one sticking point is the sanction fee.”

An unnamed banker commented: “The Singapore government wants formula one to be listed here and for that to happen, it knows the race has to remain here.

“But at the same time, it doesn’t want to pay top dollar again. So the bargaining should continue for some time.”

However, the English language newspaper now reports that F1′s floatation plans, and the expiring Singapore race contract, could be entirely unrelated.

“We are in the process of negotiating a possible renewal of the (race) agreement and the outcome will be announced once discussions are complete,” said a spokesman for race promoter Singapore GP.

Second minister for trade and industry S Iswaran insisted that the mooted floatation will not influence the outcome of the race contract negotiations.

And the Singapore tourism board’s Aw Kah Peng added: “You’ve got to see whether the deal is right in every way.

“We’re hoping everybody sees value in it and we get a so-called good deal for Singapore, in terms of whether all the numbers can work out and everybody takes home something — a kind of a win-win proposition.”

The calamitous Bahrain grand prix saga has not jeopardised the island Kingdom’s future on the F1 calendar.

That is the strident claim of Bernie Ecclestone, after the F1 chief executive and FIA president Jean Todt displayed rare unity as they insisted the country’s civil and political problems would not affect the grand prix.

But amid the bubbling Bahrain saga, Ecclestone had suggested that Bahrain might face trouble when it comes to negotiating a new contract, with the existing agreement only set to extend for three more years.

However, when asked by Reuters if F1 is going to keep returning to Bahrain despite this year’s troubles, Ecclestone insisted on Sunday before leaving the Persian Gulf: “Absolutely. Forever. No problem.”

Like Todt, he even played down the damage done to F1′s reputation this weekend.

“I think it’s good because people talk about things, you know. You know what they say — there is no such thing as bad publicity,” said Ecclestone.

In truth, reputation damage has undoubtedly been done. But Roger Benoit, the veteran correspondent for the Swiss newspaper Blick, admitted he is dismayed with how politics interfered with sport so strikingly this weekend.

“On all continents, somewhere, all hell is breaking loose. And as a formula one reporter, you’re flying around this globe two or three times a year,” he wrote.

“We go to countries that are politically explosive. Where human rights are violated, where poverty reigns.

“But we hardly talk about it — not in China, India, Korea, Malaysia, Singapore or Brazil. In 2014, we’re going to Russia.

“Years ago, our circus happily danced around in apartheid South Africa, and the military dictatorship of Argentina.

“Formula one is pure entertainment. Detached from the problems of the world. But here, in Bahrain, every reporter entered the political field, whether he liked to or not,” wrote Benoit.

So that is why Ecclestone is unapologetic, after championing the Bahrain grand prix.

“Because, basically, the problems they have in Bahrain have nothing to do with F1,” the 81-year-old told El Pais newspaper.

“The relevant agencies gave the nod as far as security was concerned, and I think it is clear that they were not wrong.”

He also sees no problem with F1 being used as a political tool.

“Governments want to have an F1 race for the same reason as they want the Olympics. We come to agreements with the promoters and, if that’s good for the country, fine,” said Ecclestone.

More details about formula one’s planned stock market floatation have emerged.

Bloomberg, the financial news agency, said majority owner CVC is seeking $2 billion by floating “about 20 per cent” of the sport.

That would value F1 at about $10 billion.

The information was verified by “four people with knowledge of the matter”, the report said.

“CVC wants to conduct the sale in Singapore as early as June, and is in discussions with investment banks about its plans, which aren’t final,” Bloomberg added.

The report added that Bernie Ecclestone plans to keep his 5.3 per cent stake and will remain F1′s chief executive.

 Singapore’s street race could be the key to the stock market floatation of formula one.
The Business Times reports that with the sport apparently wanting to float on Singapore’s exchange, the first step will be a new contract for the Asian city-state’s annual night street race.

The current race contract expires this year.

“Negotiations are underway but it is understood that one sticking point is the sanction fee,” the report said.

The Business Times said the Singapore government currently pays about $40 million for its race every year; a figure “roughly twice” the amount paid by Malaysia.

“The Singapore government wants formula one to be listed here and for that to happen, it knows the race has to remain here,” an unnamed banker said.

“But at the same time, it doesn’t want to pay top dollar again. So the bargaining should continue for some time.”

The banker added that F1 chief executive Ecclestone also holds a strong negotiating hand.

“(He) knows Singapore needs him because the SGX (exchange) hasn’t had any big names in recent years. Being the shrewd businessman that he is, he will play hardball.”

 Singapore, the southeast Asian city-state and the scene of F1′s annual street night race, could be at the centre of the sport’s plans for the future.
Sky News reports that Temasek Holdings, one of Singapore’s principal sovereign wealth funds, has been approached by F1′s majority owner CVC with a proposal to buy into the sport.

It is also rumoured that F1 could be floated on the Singapore stock exchange.

F1 chief executive Bernie Ecclestone admitted last November that, “It would be better (for CVC) to float the company in Singapore than sell it”.

The Singapore Exchange (SGX) would not comment.

“It is not our practice to publicly comment on our dealings with individual entities,” a spokeswoman told the AFP news agency.

 Sepang will not modify its circuit in order to organise a formula one night race, organisers of the Malaysian grand prix said on Friday.
Melbourne – in a similar timezone – is coming under increasing pressure from Bernie Ecclestone to install floodlights and host its race at night, to better serve the core live television audience back in Europe.

But Razlan Razali, Sepang chief executive, said the F1 chief executive is putting “no pressure” on Malaysia, whose 2012 race will be held next weekend.

“Why do a night race when most other circuits do not do it?” he told reporters.

Already, Singapore hosts its annual street race under lights, while the Abu Dhabi grand prix begins at twilight and concludes at night.

Jerome d’Ambrosio cannot count on staying at Virgin for a second season of formula one.
That is the claim of the Belgian newspaper De Morgen, reporting that a few candidates look ready to out-spend the 25-year-old’s sponsors.

“Dutchman Giedo van der Garde, Frenchman Charles Pic and Canadian Robert Wickens all have an advantage over d’Ambrosio — more money,” read the report.

The Belgian rookie admitted at Suzuka that his management team and Virgin are yet to agree a new deal for 2012.

“There are obviously talks going on and management speaking with the team, speaking for my future about next year,” said d’Ambrosio.

“I think I had my best grand prix so far in Singapore and throughout these (next five) races I need to focus on the present and not what will happen next year,” he added.

De Morgen said Virgin is not likely to announce Timo Glock’s 2012 teammate until the beginning of 2012.

After a week of speculation, the special ‘Lewis Hamilton meeting’ between his rivals and Charlie Whiting did not take place at Suzuka.
But the rumblings about the 2008 world champion’s driving antics in 2011 continue in the Suzuka paddock.

After their disastrous season as McLaren teammates, Fernando Alonso is now reluctant to talk about 2007, sometimes insisting that he actually had no problems at all with the Briton.

But when probed on Hamilton’s apparently too-aggressive style of 2011, the Spaniard told Autosprint: “To me, an accident like the one between Lewis and Felipe in Singapore can happen maybe once every two years.

“To some, it happens rather more often. If you are penalised six times in a season it is not a unique case or bad luck,” added Alonso.

Earlier, he had repeated similar comments to Spanish reporters and concluded: “I don’t want to say anything more about it.”

Red Bull’s world champion Sebastian Vettel put himself on pole position for a second successive Formula One title at the Japanese Grand Prix on Saturday.

The 24-year-old, who needs just a point on Sunday to become the sport’s youngest double champion with four races to spare, pipped McLaren’s Jenson Button by just nine thousandths of a second in a knife-edge qualifying session.

“Yes baby, that’s what I’m talking about,” screeched Vettel into the team radio as he powered to his 12th pole position of the season, from 15 races, his fifth in succession, and Red Bull’s 16th in a row dating back to the end of last year.

“We got a new front wing out just in time, it wasn’t easy but fortunately we did,” said the German, who had a wake-up call when he crashed in Friday’s opening practice and damaged the nose of his car more than the team let on.

“We sat down after the practice session this morning and fortunately got everything together and we were able to get every single bit out of the car in qualifying which was crucial.”
Jenson Button

Jenson Button congratulates Sebastian Vettel after qualy

Button, fastest in all three practice sessions, is the only driver who can deny Vettel the title at Suzuka but he must win and hope the German fails to score to keep the championship alive for another weekend.

Vettel has won from pole for the past two years at Suzuka and has finished his last 16 races in the points, with fourth his worst result of the season so far.

“Nine thousandths not good enough, there you go,” said Button, who earlier in the week likened his challenge to Vettel to that of a four-year-old taking on an adult in a 100-metre sprint.

“I felt like I got everything out of the car. Fair play to the whole team, to be able to really fight the Red Bulls around here on a circuit they have dominated on is a great job.”

McLaren’s 2008 champion Lewis Hamilton qualified third and Brazilian Felipe Massa, with whom he controversially clashed in Singapore last month, will line up alongside for Ferrari in what promises to be a lively start.
Lewis Hamilton

Lewis Hamilton will start from third on the grid

Hamilton had been quickest after each had set a lap in the final phase of qualifying but then failed to cross the line in time to get a second run after Red Bull’s Mark Webber and Mercedes’ Michael Schumacher squeezed him out.

“With Lewis it was tight, we told him not to back up and let so many cars by,” said team boss Martin Whitmarsh. “Unfortunately he got hustled by at the last corner and in so doing missed out on posting a time in the last lap.”

Hamilton was reluctant to go into detail but clearly felt aggrieved.

“I felt I had a couple of tenths at least left. I felt like I was in position to fight with these guys but it was a bit dangerous at the last corner, I had Mark attack me and I had Michael down the other side, it was very strange and that’s why I lost out,” he said.

Ferrari’s Fernando Alonso and Webber, looking no closer to winning a race this season, filled the third row.

Saturday, 8 October – Qualifying

Reuters