Further news has come to light on the possible NewsCorp takeover of Formula One, with confirmation that Exor has joined forces with the media giant to acquire the sport.
Despite Bernie Ecclestone rubbishing such rumours that the Rupert Murdoch owned corporation will launch a bid to become owners of F1, SkyNews reports that the bid is progressing with the addition of more partners.
Exor today confimed that they have indeed joined NewsCorp to look at the potential of aquiring the sport from CVC Capital Partners.
Exor is an Italian investment firm which owns a 30.45% stake in FIAT SpA, parent company of Ferrari – one of F1’s biggest competitors.
A joint-statement from Exor and News Corporation was released on Tuesday evening, confirming they are in the early stages of looking at an F1 bid.
“EXOR, one of Europe’s largest listed investment companies, and News Corporation, the global media group, confirm that 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,” it read.
Continuing: “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.”
Such a deal would give Ferrari a direct link to the ownership of the sport, which would likely be an unwelcomed move from the fans’ as well as several regulatory bodies, citing a ‘conflict of interests’.
Discussion about this post