Exor and News Corp Looking for Buy Formula 1 in friendly bid

Will F1 fall into the hands of a consortium involving News Corp and Exor

4 May 2011

F1 has been in the news for a while for having rumours that it is subject to a takeover bid.

The two parties involved include News Corp, Rupert Murdoch’s mega media group and Exor, which holds the majority stake in Fiat who in turn own the powerhouse that is Ferrari F1. The current owners of F1 have released statements confirming that the sport is most definitely not for sale but have said that they have been approached by James Murdoch, Rupert’s son, with friendly negotiations. Bernie Ecclestone’s response to the whole matter very much mirrored the current opinion of CVC, who are the current owners of the sport, and reported that the sport is “not for sale” However, Bernie did have something to say about what he thought might happen.

If somebody came along and offered them a lot more money than it's worth, they would obviously say "Sit down, let's have a chat"

Whatever happens, it all as to be in the best interest of the people who not only compete in the sport but also support it, if News Corp have a say in the free-to-air agreement which runs out in 2012 I fear the sport may take a turn for the worse, but let’s just see what happens before we speculate any more concerns.