The Bloomberg news agency reported on the offer of Saudi Arabia’s sovereign wealth fund to buy Formula 1 from the current championship owners Liberty Media.
According to the publication, the proposal was received in early 2022. The State Investment Fund offered $20 billion for Formula 1 shares. However, the offer did not interest Liberty Media and was rejected.
Liberty Media bought Formula 1 for $4.4 billion in 2016, but the championship is currently valued at $15.2 billion, so it’s no surprise that the $20 billion didn’t interest the owners. However, the investment fund made it clear that the offer would stand if Liberty Media decided to sell its assets.
Saudi Arabia has invested heavily in motorsport in recent years. Since 2021, the national podium in Jeddah has been held in Formula 1, a stationary race track is being built in Qiddiya and the teams have received an offer to move their bases from the UK to this Middle Eastern country.
Source: F1 News
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
