Motorsport Formula 1 has inched closer to its eagerly awaited IPO after the Singapore Stock Exchange gave the offering the go-ahead.
Media reports suggest that officials at the Asian bourse have approved the sale, which could raise between $2.5bn (€1.96bn) and $3bn for its private equity sponsor, CVC Capital Partners.
CVC is hoping that by going public in Singapore it will benefit from enthusiasm for the sport among Asian fans.
The IPO, which is being managed by Goldman Sachs, Morgan Stanley and UBS, has been expected for months and could value the entire business at around $10bn.
CVC bought Formula 1 in 2007 for $1.7bn, but the investment ran into trouble when it was alleged in 2010 that Bayern LB banker Gerhard Gribkowsky took a bribe when selling the racing brand to the private equity firm.
Sports magnate and face of F1 Bernie Ecclestone admitted in court last November to paying Gribkowsky a $44m payment for selling the business, but denied any misdeed.
CVC managing partner told a Munich court in January that his firm had no knowledge of the payments, labelling them a “breach of contract”.