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Monday, March 27, 2023

Saudi Arabia Tried to Purchase F1 for $20 Billion

A photo of fireworks of the Saudi Arabian grand prix track.

Saudi Arabia: All the pieces the sunshine touches… is our kingdom.
Picture: Clive Mason (Getty Pictures)

It’s superb what you are able to do when your nation is house to the third most beneficial pure useful resource reserve on this planet. Simply this yr, Saudi Arabia has tried to coax F1 groups out to the Center East, confirmed it’ll be a fixture on the F1 calendar for a minimum of the remainder of the last decade and now teased a plan to attempt to purchase the complete rattling sport.

The most recent improvement in Saudi Arabia’s gradual takeover of top-tier motorsport got here to gentle in a brand new report from Bloomberg. In response to the positioning, the nation’s sovereign wealth fund tried to purchase Formulation 1 from its present homeowners, Liberty Media, for “nicely above $20 billion.”

Saudi Arabia has reportedly spent greater than $1.5 billion investing in numerous sports activities franchises in recent times. In response to a report from human rights group Grant Liberty, the nation has backed the whole lot from chess and golf to tennis and horse racing in an try to “wash over” its poor human rights file.

A photo of Kevin Magnussen acing his Haas F1 car in Saudi Arabia.

Nothing to see right here, simply speedy, speedy race vehicles.
Picture: Clive Mason (Getty Pictures)

Thus far, the nation has additionally plowed greater than $600 million into top-tier motorsport, with the Formulation 1 Saudi Arabian Grand Prix being a fixture on the game’s calendar till 2030. Thus far, this has seen F1 host two occasions within the nation with a 3rd on the Jeddah Corniche circuit on the calendar for 2023.

Now, the nation is looking to up its ties to motorsport. According to Bloomberg, Saudi Arabia’s sovereign wealth fund “considered an attempt” to purchase F1 outright from its current owners, Liberty Media. The deal valued the sport at “well above $20 billion,” which is more than four times the $4.6bn Liberty purchased the game for in 2017. Bloomberg experiences:

“A possible deal faltered within the early levels final yr as F1’s proprietor Liberty Media Corp. was not concerned about promoting the high-profile franchise, which Saudi Arabia’s Public Funding Fund (PIF) valued at nicely above $20 billion together with debt, the individuals stated.

“The PIF stays within the asset and can be a critical bidder ought to Liberty Media change its thoughts and resolve to promote, the individuals stated, asking to not be recognized discussing confidential data.”

The deal is the newest try from Saudi Arabia to attempt to entice F1 out east. Final week, we reported on a transfer from the nation to attempt to persuade groups like McLaren and Aston Martin to maneuver to Saudi Arabia’s new Neom metropolis, which is at present underneath development.

A photo of two f1 cars racing in Saudi Arabia.

So blurry you possibly can’t fairly make out the human rights violations.
Picture: Clive Mason (Getty Pictures)

However F1 isn’t the one top-tier sport that’s attracting the eye of Saudi Arabia, the nation has additionally plowed funds into English Premier League soccer membership Newcastle United FC and hosted main boxing meets.

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