HomeFree ArticleLatest NewsFIA President Responds To Saudi Arabian F1 Takeover Bid

FIA President Responds To Saudi Arabian F1 Takeover Bid

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FIA President Responds To Saudi Arabian F1 Takeover Bid

The report of a $20 billion bid by the Saudi Arabian Public Investment Fund (PIF) to acquire Formula 1 from Liberty Media was met with mixed reactions, with some seeing the acquisition as a positive move for the sport.

However, FIA president, Ben Sulayem, believes that the US$20 billion price tag on Formula 1 is inflated and that the good of motorsport must be considered before such prices are considered.

He also spoke about the possible side-effect of a high valuation, such as increased hosting fees for races, which could raise ticket prices for fans and potentially price people out of watching the sport altogether.

Despite the reported rejection of the bid, the PIF’s interest in Formula 1 highlights the growing interest in the sport from investors around the world.

Formula 1’s recent success with the Netflix docuseries ‘Drive To Survive’ and its expansion in key markets such as the United States have made it an attractive proposition for investors.

However, it remains to be seen whether the PIF will make another bid for the sport and how Liberty Media will respond.

The announcement comes after Andretti Global and General Motors (GM) teamed up to create a bid that could see the pair launch into Formula 1 (F1) under the Cadillac brand.

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