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The future of Formula One is making headlines day after day, with the sale of part of their stake by CVC earlier this week, and the potential flotation of the sport in Singapore next month. Now, it’s been confirmed that Peter Brabeck has become chairman of Formula One, taking over from CVC partner Donald Mackenzie.
Reuters reports that Brabeck, also a chairman at Nestlé, was given the position after a meeting in Monaco, and he has already spoken about the flotation of F1, saying there has been no decision made yet.
Bernie Ecclestone has also added his thoughts on the idea, worrying that it might not be such a good one in the current economical climate - Facebook recently pushed through an IPO that raised eyebrows, losing significant value and highlighting technical failings within the stock market along the way.
After that, Bernie has said: “The market doesn’t look too bright after that little bit of a problem with Facebook. So I think they are going to wait and see.”
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