Saudi sovereign wealth fund aims to buy the Formula 1 circus
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Saudi Arabia’s sovereign wealth fund is looking to add Formula 1 motor racing to its growing sports investment portfolio. This was revealed by sources familiar with the matter, questioned by the agency Bloomberg.
A potential deal fell through early last year as F1 owner Liberty Media was not interested in selling the franchise, which Saudi Arabia’s public investment fund valued at more than $20 billion. dollars including debt.
The Saudi fund remains interested, however, and would be a serious bidder if Liberty Media changes its mind and decides to sell.
The Saudis and sport
Saudi Arabia has invested heavily in sports, opening up to more Western-style forms of entertainment under Crown Prince Mohammed bin Salman. In recent years, it has bought English Premier League football club Newcastle United and has hosted major boxing, golf and Formula 1 events.
The F1 circus bought by Liberty Media in 2017
F1 would be a flagship acquisition. The top international motorsports category has grown in popularity since it was acquired by billionaire John Malone’s Liberty Media in a $4.4 billion deal in 2017. Liberty Media has sought to cultivate a new generation of fans by extending F1’s reach in Asia and the United States. The Middle East region itself has been another area of interest for F1 owners. The region will host four races in the 2023 season, with the first two taking place in Bahrain and Saudi Arabia in March. Saudi Aramco, the world’s largest oil producer, struck a major sponsorship deal with F1 in 2020. Liberty Media’s tracking stock has more than doubled in the past four years, with a market value of around 15.2 billion of dollars.
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