F1 was reportedly the target of a multi-billion takeover deal by Saudi Arabia.
The owners of Formula 1 have reportedly rejected a multi-billion offer from Saudi Arabia’s sovereign wealth fund to buy the sport, insisting it is not for sale.
Liberty Media purchased the sport for $4.4 billion in 2017 but the popularity of F1 has risen sharply since then, giving it a current valuation of $15.2 billion. There is plenty of interest to host a race as well as own a team but it appears now there is also interest in purchasing the sport outright withthat Liberty Media has rejected a bid from Saudi Arabia’s Public Investment Fund, claimed to be more than $20 billion.
The American media company reports that a bid was submitted in 2022 but was rejected in the early stages with Liberty Media unwilling to sell to their prized asset.The Saudi Arabia Public Investment Fund or PIF has been on a drive to add to its sports portfolio, most recently purchasing Premier League side Newcastle United in October 2021.
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