26 May 2023
The owner of Formula One Group is an American large media company, Liberty Media Corporation, owned by billionaire John Car Malone.
Whilst the FIA own a series of motorsports, including F1, Liberty Media own the commercial rights to F1.
Recently the grapevine reported a supposed offer from Saudi Arabia’s Public Investment Fund (PIF) for US$ 20 billion.
Greg Maffei, Liberty’s CEO, has stated emphatically, ‘The Formula One is not for sale.’
He further confirmed that he is enthusiastic about the scope for F1, especially in the American market.
Liberty paid US$4.4 billion in 2017, and a recently respected market valuer has indicated a value of US$15.2 billion.
I have previuosly reported about Saudi Arabia’s increasing interest in F1.
Saudi Arabia hosts an F1 race in Jeddah, and I understand they are keen to run a second GP in Qiddiya, an entertainment megaproject being established in Riyadh.
Additionally, the state-owned Aramco oil conglomerate sponsors the Saudi GP and the Aston Martin F1 team.
