'Liberty Media rejected Saudi Arabia's bid'
F1 News
- GPblog.com
Saudi Arabia reportedly tried to buy over Formula One from Liberty Media. According to Bloomberg the Gulf state reportedly held talks with Liberty Media in 2022 but the current owner of Formula 1 turned down the bid.
The bid was reportedly made via the Public Investment Fund (PIF), a state investment fund owned by the Saudi government. PIF's bid would amount to $20 billion, almost five times what Liberty Media put down in 2017. The deal is said to have eventually fallen through as Liberty Media allegedly turned down the bid, but according to Bloomberg, PIF does not intend to stop there and is said to still be interested in taking over Formula 1.
Saudi Arabia is already involved in Formula 1 in various ways. The Saudi Grand Prix was added to the F1 calendar in 2021. Oil company Aramco - which is owned by the Saudi government - is one of the main sponsors of Formula 1 and a sponsor of Aston Martin. Recently, the country also announced its intention to move teams away from Europe and to the Middle East in the future.
Not only focus on F1
Formula 1 is not the only sport Saudi Arabia is expanding in. In 2021, PIF bought up English football club Newcastle United. The country has also organised sporting events for boxing and wrestling, set up an international competition for golf as a counterpart to the American PGA, and announced its interest in hosting the 2030 World Cup.