News Corp F1 | TheDetroitBureau.com
Detroit Bureau on Twitter

Posts Tagged ‘news corp f1’

Is Formula One for Sale?

After initial denial, owners admit something’s up.

by on May.09, 2011

The face of Formula One, Bernie Ecclestone insists the sport isn't for sale - or is it?

After initially denying any interest in selling the vastly profitable Formula One race series, the sports owners now acknowledge there may be some talks underway – though it’s unclear where any negotiations might lead.

Rumors have been circulating that a consortium led by Rupert Murdoch’s News Corp. and Exor, the Italian investment arm of Fiat’s Agnelli family, have approached F1 owner CVC Capital Partners with an offer to acquire what is generally considered to be the world’s most powerful and profitable motor sports program.

After initially denying anything was up, CVC’s public face, Bernie Ecclestone, has acknowledged what is now being described as a “friendly” offer.

Subscribe Free!

In a formal statement, Formula One’s current owners announced, “CVC can confirm that it has recently received an approach from the Exor News Corporation consortium.”  The group added that Rupert Murdoch’s son and senior News Corp.  executive “James Murdoch has informed us that the approach is friendly, at a very preliminary stage, and that they acknowledge that Formula 1 is privately owned by CVC and not currently for sale.”

(more…)