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EXOR and News Corp confirm interest in F1 takeover bid // Rupert Murdoch looks towards Formula One

Published by Christine

EXOR and News Corp confirm interest in F1 takeover bid
Credit: Fiat Group S.p.A.
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This is F1Minute for the 3rd May 2011.

News Corporation, the global media group chaired by Rupert Murdoch and owners of such properties as The Times newspapers, Fox Television, Sky TV, HarperCollins books and many many more, have confirmed a bid to takeover Formula One along with EXOR - an Italian investment group. A statement from EXOR announced they were in the planning stages, looking at how viable the takeover would be, before making any official approach to the current owners CVC Capital Partners.

The announcement read that they: “confirm they are in the early stages of exploring the possibility... with a view to formulating a long-term plan for the development of Formula 1 in the interests of the participants and the fans.”

Whilst Rupert Murdoch’s involvement may raise concerns by many involved in F1, it’s also worth noting that EXOR is run by the Agnelli family, who are stakeholders in Fiat, the parent company to Ferrari.

You couldn’t find two more complex organisations to join together and attempt a takeover, but for now, it is just a possibility.