Last month’s story about News Corp considering forming a consortium to buy the rights to Formula One has suddenly become more serious with confirmation that the, erm, wheels are in motion.
News Corporation and Italian investment company EXOR released a joint statement which reads, “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 1 in the interests of the participants and the fans.
“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 1’s current owners.”
EXOR is controlled by the Agnelli family, who have close ties to Ferrari. Indeed, the company owns 30% of Italian car giant Fiat, owners of Ferrari, as well as a 60% stake in Juventus football club.
[Source: Autosport]
2 replies on “News Corp confirms Formula One interest”
Interesting developments here:
http://www.telegraph.co.uk/sport/motorsport/formulaone/8493709/Leading-teams-to-meet-for-talks-on-potential-takeover-and-Formula-Ones-future.html
[…] Ecclestone says F1 is not for sale, despite confirmed interest from News Corporation. Ecclestone also says he would consider all options in regards to future television rights, […]