Formula One (F1), the world renowned motor racing series, is considering options for a stock market listing, a source with knowledge of the matter told Reuters.

CVC Capital Partners, which acquired majority control of Formula One in 2006, would continue to be a long-term holder of the business and the initial public offering (IPO) option being explored is only for part of the company, the source said.

Sky News first reported over the weekend that CVC has asked Goldman Sachs to examine a placement of some F1 shares with a new investor. This would be a precursor to a formal IPO process, the news channel reported.

The source declined to comment on the report.

Goldman Sachs and CVC declined to comment. The source declined to be identified as the discussions are private.

CVC is considering listing Formula One in Singapore, Sky News and Bloomberg reported earlier this week. CVC owns 63.4 percent of Formula One and an IPO could value the company at more than $10 billion, the Bloomberg report added.

The F1 series has annual sales of 1.17 billion euros ($1.55 billion)and employs 200 people, according to the CVC website.

Revenue for the current 20-race season, which began at the Australian Grand Prix on Sunday, will reach $2 billion for the first time, said industry monitor Formula Money. ($1 = 0.7564 euros)

(Reporting by Saeed Azhar in SINGAPORE and Elzio Barreto in HONG KONG; Additional reporting by Stephen Aldred in HONG KONG; Editing by Muralikumar Anantharaman)