Selling F1 to Saudi Arabia “not in our cards”, insists Liberty Media CEO
Earlier this year there were reports that F1 could be sold to the Saudi Arabia Public Investment Fund for an astonishing $20bn.
According to Bloomberg, the bid was made in 2022, with Saudi Arabia “open to raising it”.
The speculation about a bid resulted in a surprise statement from FIA president Mohammed Ben Sulayem, who called for “common sense”.
“As the custodians of motorsport, the FIA, as a non-profit organisation, is cautious about alleged inflated price tags of $20bn being put on F1,” Ben Sulayem said. “Any potential buyer is advised to apply common sense, consider the greater good of the sport and come with a clear, sustainable plan – not just a lot of money.
“It is our duty to consider what the future impact will be for promoters in terms of increased hosting fees and other commercial costs, and any adverse impact that it could have on fans.”
Speaking at the MoffettNathanson Inaugural Technology, Media and Telecom conference, Maffei dismissed any suggestions that Liberty were looking to sell.
“Is there any chance we’re going to sell this thing and incur corporate tax?” he explained. “That should stop any discussion that anyone says that our friends, the Saudis, are going to buy it next week or something like that?
“If anybody knows us, they should know that’s just not in our cards.”
With F1 enjoying remarkable growth over the last few years, Maffei says Liberty Media are still “very enthused” about where the sport is going.
“We are very enthused about where F1 is now but [also] where it’s going as well. You look at the big revenue streams there, all have good direction," he added.
"In broadcasting we have increased fans and we have increased distributors who want to push the product, including new digital distributors and the like. We have promoters who are our partners."
