News Corp assessing F1 buyout
Global media giant News Corporation has confirmed its interest in buying into Formula One – with its plans set to include Italian investment group EXOR.
A joint statement confirmed speculation that News Corp is currently assessing the situation, which could see the interests of current owners CVC Capital Partners boughtout.
Interestingly, EXOR has close ties with Ferrari’s parent company FIAT. EXOR owns 30% of FIAT, and is headed by FIAT chairman and chief executive John Elkann.
“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,” read the statement.
“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.”
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