Singapore’s stock exchange approved Formula One’s plan to raise as much as $3 billion in an initial public offering Bloomberg reports citing three people with knowledge of the matter.
The idea of floating Formula One has been around for more than a decade but there appears to be real momentum on this occasion to sell off as much as 30 percent of the company.
Banks UBS and Goldman Sachs have been hired to lead an initial public offering that could value the business at up to $10 billion (6 billion pounds).
At $3 billion, the IPO would be one of the largest in Singapore since February 2011, according to data compiled by Bloomberg.
Formula One Chief Executive Officer Bernie Ecclestone has no plans to sell his 5.3 percent stake in the offering and will keep his position under CVC’s plans, he said last month.
English soccer champions Manchester United have also looked at a listing in Singapore but put plans on hold last September because of market volatility.