• Loading stock data...
Thursday, March 28, 2024
2024 Best Venues nominations are open now through April 8! Submit Now

Saudi Arabia Reportedly Wants to Buy F1 for Over $20B

  • Saudi Arabia tried to buy Formula 1, according to Bloomberg.
  • Liberty Media was reportedly not interested in selling.
Formula 1

Saudi Arabia reportedly looked into buying Formula 1 and remains interested, should the opportunity arise.

The country’s sovereign wealth fund, the $620 billion Public Investment Fund, was interested in purchasing the global racing series from Liberty Media, according to Bloomberg.

  • The PIF, which funds LIV Golf and owns Premier League team Newcastle, valued F1 at well above $20 billion, including debt.
  • Liberty Media bought F1 for $4.4 billion in 2017 and wasn’t interested in selling.
  • The Saudi fund remains interested and could be a formidable suitor for F1 if Liberty Media reverses its stance.

Liberty Media’s F1 tracking stock jumped around 6.9% in early trading on Friday and is up 12.6% over the last 12 months. The stock’s value has more than doubled since the beginning of 2019 and has a current market cap of $30.2 billion.

F1 began racing in Jeddah, Saudi Arabia, in 2021 and will hold its third race there on March 19. Mercedes driver Lewis Hamilton has spoken out against the country’s human rights record.

Formula-1-Miami-Grand-Prix

Formula 1 Unveils Miami Upgrade Plans, Including Hard Rock Stadium

Formula 1 will host teams and drivers on the Miami Dolphins’ field.
January 18, 2023

Braves Spinoff

Meanwhile, Liberty Media is planning to spin off the Atlanta Braves into a separate public company, pending approval from Major League Baseball, among others.

The new company would hold the MLB team, which Liberty Media bought for around $1.5 billion in 2007, plus The Battery, the development project surrounding the team’s Truist Park.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Late Rush Keeps Three MLB Teams on TV, but Revenue Issues Linger

The Diamondbacks, Padres, and Rockies continue to navigate a post-RSN landscape.

Planned Timberwolves, Lynx Sale Turns Bitter As Taylor Pulls Teams Off Market

The current majority owner claims that Rodriguez and Lore failed to meet the latest deadline.
Kansas City Chiefs president Mark Donovan

Chiefs’ President: Team Keeping ‘All Options’ Open If Stadium Vote Fails

The Chiefs’ president said he’s ‘cautiously optimistic’ that a public vote would pass.

NCAA Wants to End Prop Betting on College Sports. Will It Succeed?

The announcement comes just days after the NBA began investigating a prop scandal.
podcast thumbnail mobile
Front Office Sports Today

MLB Opens Season With MLBPA, Ohtani, and Ownership Dramas

0:00
0:00

Featured Today

March 22, 2024, Brooklyn, NY, USA; Northwestern Wildcats guard Brooks Barnhizer (13) and Northwestern Wildcats guard Boo Buie (0) react in overtime against the Florida Atlantic Owls in the first round of the 2024 NCAA Tournament at the Barclays Center.
March 27, 2024

‘An Expensive Game’: March Madness and NIL Collectives Are Intertwined

At schools nationwide, collectives are fueling NCAA tournament runs and vice versa.
Iowa’s Caitlin Clark (22) waits to be announced in the starting lineup against West Virginia in a NCAA Tournament round of 32 game Monday, March 25, 2024 at Carver-Hawkeye Arena in Iowa City, Iowa.
March 26, 2024

The Women’s Trading Card Market Is Overlooked. Can Caitlin Clark Change That?

Traditionally, women’s sports cards have been a marginal part of collectibles.
The Sports Illustrated cover signed by Derek Jeter and Alex Rodriguez, February 27, 2019, at Don & Charlie's, 7501 E. Camelback Road, Scottsdale. Don Charlie S
March 24, 2024

Everything You Need to Know About the Ongoing ‘Sports Illustrated’ Saga

Understanding the strange state of affairs for the nearly 70-year-old publication.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
Spotify
Multiple - USA Careers

Alex Rodriguez–Led Bid for Majority Control of Timberwolves Falls Through

Minnesota owner Glen Taylor said the team was no longer for sale.
Manchester United stadium Old Trafford as viewed from above.
March 19, 2024

Another Wall Street Giant Wants a Piece of Sports

The investment bank forms a new team devoted to sports deals.
March 20, 2024

A-Rod and Lore’s Timberwolves Ownership Plans Still on Track

The duo currently owns 40% of the NBA team and its WNBA counterpart.
Sponsored

How Daily Fantasy Sports Solved NBA Fantasy

The remarkable growth of the #1 Discord sports server in the world.
March 4, 2024

Drake, LeBron James Make PGA Tour Investment

The rapper and NBA star will try to boost the PGA Tour, despite not having a strong association with golf.
Commanders
February 28, 2024

FedEx Field No Longer, Commanders’ Stadium Will Get New Name

The Commanders must stay in Landover through 2027.
Josh Harris
February 28, 2024

Josh Harris, David Blitzer Set to Part Ways with Steelers Stake

Harris’s purchase of the Commanders prevents him from keeping the Steelers’ stake.
February 11, 2024

Tom Brady’s Post-Retirement Embrace of Las Vegas

With business all over town, one partner says, ’He’s going to be a great addition to the city.’