The new owner of F1?

Rupert Murdoch could be the next owner of Formula One if a new joint-bid with the Agnelli family for control of the organisation comes off.

Exor, which is controlled by the Italian magnates, and who own Fiat (which owns Ferrari), has confirmed that it is thinking about putting together a takeover bid with Murdoch’s News Corporation, after they released a statement on Tuesday night. Carlos Slim, thought to the be the richest man in the world with a fortune of £45million, appears to be out of the running.

However Bernie Ecclestone – chief executive of venture capital firm CVC, which owns F1’s commercial rights – has already said that any offer that would make him thinking about selling would have to be ‘ridiculous’, and given that they were bought for £1.8bn in 2006, the pairing will hae to stump up an awful lot of money.

‘Exor, one of Europe's largest listed investment companies, and News Corporation, the global media group, confirm they are in the early stages of exploring 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,’ read the group's statement. ‘Over the coming weeks and months, Exor and News Corporation will approach potential minority partners and key stakeholders in the sport. There can be no certainty that this will lead to an approach to Formula One's current owners.’

United Kingdom - Excite Network Copyright ©1995 - 2019