Rupert Murdoch's News Corporation group has confirmed that it plans to look into a possible takeover of Formula 1 in partnership with an Italian investment group.
After speculation in recent weeks that News Corp was interested in securing control of the sport, the interest has now been made official after a joint statement was released by the media company and the Italian investment group EXOR.
The statement revealed that the two groups plan to approach 'minority partners and key stakeholders' to consider whether or not current owners CVC should be approached.
“EXOR, one of Europe's largest listed investment companies, and News Corporation, the global media group, 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 One in the interests of the participants and the fans,” the statement read.
“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 One's current owners.”
EXOR's involvement confirms that the manufacturer involved in a potential takeover would appear to be Fiat, with the chairman of the Italian manufacturer John Elkann also heading the investment company.
EXOR is a majority shareholder in the Fiat Group, which in turn is the parent company of Ferrari.