Murdoch unveils early stages of bid for Formula One

Posted on May 3, 2011


Rupert Murdoch’s News Corp has revealed its intent to try a takeover of Formula One.

In a statement, together with Italian investment group Exor, it was announced: “Exor and News Corp will approach minority partners and key stakeholders in the sport.

“There can be no certainty that this will lead to an approach to F1’s current owners.”

This, of course, follows speculation earlier this year that Murdoch was planning a bid. At the time, Bernie Ecclestone it was rubbish and Formula One was not for sale – but everything is for sale for a price.

It’s a worrying prospect. Seeing Formula One go onto pay television would be a very sad day. It would lead to a collapse in viewing figures for the sport – and a collapse in advertising revenues for the teams. They might make it back in TV revenue but it would change the sport forever.

Sadly it might be unstoppable. CVC, the current owners, were only ever in F1 to make back investment with profit. It’s a dangerous time.

Posted in: Formula One, News