Reports reveal a major bid that was rejected by Liberty Media last year to purchase F1.
Last year, Saudi Arabia proposed a bid of over $20 Billion to purchase Formula 1. However, the current owner – Liberty Media rejected the offer. The side showed no interest in selling F1. This is a somewhat surprising disclosure given the fact that Middle Eastern influence is continuously increasing on the F1 calendar.
As reported by Bloomberg, the proposal was not entertained much by Liberty Media. The American owners were not ready to lose such a prestigious franchise. The bid placed was well over $20 billion which turns out to be almost five times the value Liberty Media purchased the sport back in 2017.
The report states:
“Saudi Arabia’s sovereign wealth fund considered an attempt to add Formula 1 motor racing to its growing portfolio of sports investments people familiar with the matter said. A potential deal faltered in the early stages last year as F1’s owner Liberty Media Corp. was not interested in selling the high-profile franchise, which Saudi Arabia’s Public Investment Fund valued at well above $20 billion including debt, the people said.”
The report further stated that Saudi Arabia’s Public Investment Fund remains interested in the purchase. The report further clarified that the side is still serious about buying the sport. And will be a major bidder in case Liberty Media’s stand changes in the future.
“The PIF remains interested in the asset and would be a serious bidder should Liberty Media change its mind and decide to sell, the people said, asking not to be identified discussing confidential information.”
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