Saudi Arabia’s sovereign wealth fund is considering a bid to buy F1 from current commercial rights holder Liberty Media, and was reportedly in talks with F1 last year. .
According to Bloomberg, Saudi Arabia’s Public Investment Fund (PIF) has valued F1 at more than $20 billion, including debt, and in 2017 John Malone’s Liberty Media far more than the $4.4 billion paid to F1.
But from the start, Liberty Media made it clear to the kingdom’s PIF that F1 was not for sale.
Despite the rejection, Saudi Arabia’s sovereign wealth fund remains interested in F1 and hopes to one day add it to its growing portfolio of sports franchises and events.
Under a ruling by Crown Prince Mohammed bin Salman, Saudi Arabia has invested in English Premier League football club Newcastle United and professional golf tour LIV Golf.
Saudi Arabia will host its first Grand Prix in Jeddah in 2021, with the country expected to remain on the calendar for at least a decade as part of the Kingdom’s Vision 2030 strategy aimed at reducing its dependence on oil reserves. ing.
Saudi Arabia’s state oil company Aramco, one of the world’s most valuable nations, has signed a global partnership with Formula 1 for 2020, also signing a long-term strategic alliance with the Aston Martin F1 team.
Additionally, last summer, PIF acquired a stake in Aston Martin Lagonda, giving the troubled auto company, owned by a consortium of investors led by Chairman Lawrence Stroll, a timely investment to help pay off the luxury carmaker’s outstanding debt. provided significant cash inflows.
Category: F1 / F1 Saudi Grand Prix / liberty media
