Formula One will be in the global spotlight now more than ever.

The long-awaited Formula One floatation should finally happened as Ecclestone managed to raise $1.4 billion from Formula One Holdings on the Eurobond market lead by Morgan Stanley Dean Witter and WestLB. This move secures an avenue of flotation for Formula One along with injecting enough cash for major expansion for Ecclestone.

"Now that we have successfully completed this transaction, we look forward to the future stock market flotation of this exciting business. We can now build on the relations we have established with the investment community," stated Ecclestone.

Ecclestone's plans for a $2.0 billion transaction last year ran into difficulties after the European Union launched an investigation against F1, claiming it a monopoly. However, since then all EU members resigned, following a corruption report on the EU. Following that, Ecclestone's flotation plans were reinvigorated. A spokesman for the EU noted today the investigation is still taking place.