News Corp looking into F1 bid

 

By Rob Harris, 4 May 2011 Rob Harris is a Roar Rookie

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 F1, Formula One, motor sports, News Corp, Rupert Murdoch

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Formula One could face a joint takeover bid from Rupert Murdoch’s News Corporation and an investment company linked to Ferrari.

News Corp. and Italian investment firm Exor issued a statement on Tuesday saying that they are discussing the “possibility of creating a consortium with a view to formulating a long-term plan for the development of Formula One in the interests of the participants and the fans.”

The statement came despite F1 boss Bernie Eccelestone’s repeated denials that the sport he runs for private equity firm CVC Capital is not for sale.

Exor, the holding company of the Agnelli family, has a controlling 30 per cent stake in global automaker Fiat Group, which is the majority owner of sports car manufacturer and F1 team Ferrari.

Ecclestone said last month that F1 would not be sold to a media company because it would restrict the sport’s ability to negotiate television contracts with other broadcasters.

“Over the coming weeks and months, EXOR and News Corporation will approach potential minority partners and key stakeholders in the sport,” the two companies said in their statement.

“There can be no certainty that this will lead to an approach to Formula One’s current owners.”

Exor also holds a 60 per cent stake in Serie A side Juventus.

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