Rupert Murdoch’s News Corporation empire is reportedly in the very early-stages of putting together a bid to takeover Formula One.
The world’s third largest media corporation is rumoured to be working with the world’s richest person, Carlos Slim, reportedly worth around £45 billion ($74bn), to take control of the sport.
Slim already has interests in F1 as one of the biggest sponsors of the Sauber F1 team through his Telmex company, as well as backing rookie driver Sergio Perez.
The ‘bid’ is in such an early stage that no approach has been made to the current owner, private equity firm CVC Capital Partners, who acquired it in 2006.
The rumours come at a time when the ownership of the sport has been put under pressure after it became apparent that bribery payments were made to Gerhard Gribkowsky, who oversaw the sale to CVC, from an unknown source.
The sport isn’t up for sale as of yet, made clear by CVC just weeks ago, however with it being owned by an investment company, who’s sole purpose is to acquire businesses, turn them round and then sell them on for a profit, such a sale, for the right price, wouldn’t come as a surprise.
News Corp has a stranglehold on many sport broadcasting rights’ through its part-ownership of BSkyB – of which it is in the process of acquiring completely. F1 has alluded its grasp as teams and manufacturers aim to keep it on free-to-air TV, such as the BBC in the UK, to ensure a wider and larger audience.
Such a sale could be vetoed by the teams and current stakeholder, Bernie Ecclestone, if they are unhappy with the terms.
It should be noted that any such takeover by News Corp is speculation at present and is in the very early stages, although the news was broken on SkyNews, a subsidiary of News Corp.
A spokesman from the company didn’t want to comment on the news, saying: “News Corp does not comment on market speculation”.
Bernie Ecclestone denied the reports when contacted by the Telegraph, stating: “It’s rubbish, the sport is not for sale.”
