News Corp and EXOR looking into Formula 1 buyout
EXOR has confirmed the rumours about a Formula 1 buyout. The statement from the News Corporatation and EXOR stated that official talks about the possible buyout of Formula 1 have been going on before the whole issue was publicised by Formula 1 supremo, Bernie
Ecclestone.
A statement from EXOR read as, “EXOR, one of Europe's largest listed investment companies, 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.”
The statement further added that, “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.”
The News corp. and EXOR’s Involvement in the Formula 1 is directly linked to the fact that the company is run by John Elkann, who is the CEO of FIAT. Moreover, the Agnelli family has some shares in the EXOR news corp. and 30 percent shares in the FIAT Company
as well.
Nevertheless, Formula 1 buyout news was already demised by Bernie Ecclestone. The Formula 1 boss said that no news corporation is going to take over the Formula 1 sport. He said that the company is only trying to make money out of the issue.
The news about a news corporation looking into Formula 1 is almost three weeks old and Bernie has said this on numerous occasions that no one is going to take over Formula 1.
Now, EXOR is looking determined to take the Formula 1 as they have said that some minority investors will be contacted to put the issue forward to the Federation Internationale de l'Automobile (FIA). No exact date was given by EXOR which means that an F1
buyout is still in the preliminary phase.
The 2011 season continues in Turkey under Bernie but the future of the sport remains unclear.
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