Saudi Arabia explored a bid to acquire Formula 1 racing in early 2022, according to a Bloomberg report.
The Public Investment Fund “considered an attempt to add Formula 1 motor racing to its growing portfolio of sports investments,” the report said, citing sources familiar with the matter, and noting that the bid was rejected.
The owner of Formula 1, Liberty Media Corp. “was not interested in selling the high-profile franchise,” according to the report. The PIF valued at well above $20 billion including debt, the people said.
Although the offer was not accepted, the PIF remains interested, the report said, and “would be a serious bidder should Liberty Media change its mind and decide to sell.”
F1 signed a lucrative 10-year deal to race in Saudi Arabia starting in 2021, with plans to move the race from the Jeddah Corniche Circuit to the new-build city of Qiddiyah in the future.
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