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In a somewhat surprising revelation, Saudi Arabia made a bid of over $20 billion to buy F1. The bid was made early last year but was rejected by Liberty Media as it had no interest in selling. As reported by Bloomberg, this comes as a surprise as the Middle Eastern influence on the F1 calendar continues to increase.
The report from Bloomberg stated that the deal faltered in the early stages last year as F1's owner Liberty Media was not interested in selling the high-profile franchise. The deal was supposed to value the sport at well over $20 billion, around five times the value at which it was bought by Liberty in 2017. The report said:
"Saudi Arabia’s sovereign wealth fund considered an attempt to add Formula 1 motor racing to its growing portfolio of sports investments, people familiar with the matter said. A potential deal faltered in the early stages last year as F1’s owner Liberty Media Corp. was not interested in selling the high-profile franchise, which Saudi Arabia’s Public Investment Fund valued at well above $20 billion including debt, the people said."
According to the report, the interest remains and Saudi Arabia's Public Investment Fund continues to be a serious bidder should Liberty Media change its mind. The report added:
"The PIF remains interested in the asset and would be a serious bidder should Liberty Media change its mind and decide to sell, the people said, asking not to be identified discussing confidential information."
F1 is not the only sporting asset targeted by Saudi Arabia
By the looks of it, the last few years have seen Saudi Arabia target quite a few sporting assets. In recent years, it’s bought into English Premier League football club Newcastle United FC and hosted major events in boxing, golf, and Formula 1.
Recently, there have been reports of professional wrestling giant WWE also on the market with Saudi Arabia in advanced talks to take over. Attempts to acquire these assets and host major sporting events have been put down to "sportswashing," a practice where countries make efforts to divert attention from their human rights violations and other issues.
Even during last year's race weekend in Jeddah, a missile attack on an Aramco facility near the race track had led to suggestions that the F1 race might not happen. Drivers spearheaded by world champion Lewis Hamilton and other experienced drivers like Fernando Alonso had a long meeting with the officials before the race went ahead.
