Saudi arabian general investment authority

The owners of Formula 1 have reportedly rejected a multi-billion offer from Saudi Arabia’s sovereign wealth fund to buy the sport, insisting it is not for sale. Liberty Media purchased the sport for $4.4 billion in 2017 but the popularity of F1 has risen sharply since then, giving it a current valuation of $15.2 billion. There is plenty of interest to host a race as well as own a team but it appears now there is also interest in purchasing the sport outright with Bloomberg reporting that Liberty Media has rejected a bid from Saudi Arabia’s Public Investment Fund, claimed to be more than $20 billion. The American media company reports that a bid was submitted in 2022 but was rejected in the early stages with Liberty Media unwilling to sell to their prized asset. PlanetF1.com has reached out to Formula 1 for a comment. The Saudi Arabia Public Investment Fund or PIF has been on a drive to add to its sports portfolio, most recently purchasing Premier League side Newcastle … [Read more...] about Liberty Media reportedly reject multi-billion Saudi Arabian bid to buy Formula 1

The Saudi Arabian Grand Prix will remain at the Jeddah Corniche Circuit until 2027 while construction of the Qiddiya circuit begins, race promoters have announced. Advert | Become a Supporter & go ad-free The street circuit in Jeddah was intended to host the Saudi Arabian Grand Prix initially before the race moved to a new venue in Qiddiyah as part of a major entertainment complex under development in the area. The Qiddiya project was announced by crown prince Mohammad bin Salman in July 2017. The vast development, situated 40 kilometres from Riyadh, will cover an area of 334 square kilometres. Saudi Motorsport Company CEO Martin Whitaker says the Jeddah circuit has undergone development in order to allow the venue to continue hosting the race over the next five years. “It’s important that we future proof the Jeddah track and for this reason we have again been working with the FIA and Formula 1 to ensure that we have a circuit that will allow us to stage the sport … [Read more...] about Saudi Arabian GP to stay at Jeddah until 2027 as work on Qiddiya begins · RaceFans

FIA president Mohammed Ben Sulayem has addressed a rumoured $20billion buyout bid from Saudi Arabia’s sovereign wealth fund over a possible takeover of Formula 1, calling for “common sense” from potential buyers. A report from Bloomberg emerged over the weekend claiming the Saudi Arabian Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman, had lodged a bid of $20billion [£16.2bn] to Formula 1 owners Liberty Media to take over the rights to the sport, though this was reportedly rejected. Liberty, which bought Formula 1 in 2017 for $4.6billion, has rapidly increased the value of the sport through a substantial expansion in its audience, brought about in no small part to the global appeal of Netflix docuseries Drive To Survive , which has brought a new wave of fans to the sport – though FIA president Ben Sulayem believes a $20billion price tag on Formula 1 is “inflated”. Along with the current growth in key markets such as the United States, the … [Read more...] about FIA president addresses $20bn Saudi Arabia F1 bid reports

The Grand Prix Drivers’ Association has issued a statement explaining how they arrived at the decision to continue the Saudi Arabian Grand Prix following yesterday’s missile strike. Advert | Become a Supporter & go ad-free The FIA and Formula 1 reacted to the explosion 10 kilometres from the Jeddah Corniche Circuit during yesterday’s first practice session by insisting the event would go ahead . Team principals indicated they supported the decision unanimously. However the drivers remained in a meeting at the circuit discussing the event until the small hours of the morning. Several of their team principals returned to join the discussion. As the meeting broke up the consensus appeared to be that the event would continue, despite the concerns that had been aired. GPDA chairman Alexander Wurz issued a statement on behalf of the group saying the drivers had “natural human concerns” over the attack. They aired “a large variety of opinions” in their meeting but … [Read more...] about F1 drivers explain why they agreed to race in Saudi Arabia despite “concerns” over attack · RaceFans

Listen to this article Saudi Arabia hosted its first F1 race in 2021 at the Jeddah Corniche Circuit, which was intended to be a temporary home for the grand prix before moving to the new-build city of Qiddiya on the outskirts of Riyadh. But as work continues on the state-of-the-art facility, Jeddah is now expected to host the race for at least another four years, with a number of the temporary facilities at the track being made permanent. "It's important that we future-proof the Jeddah track and for this reason we have again been working with the FIA and Formula 1 to ensure that we have a circuit that will allow us to stage the sport in Jeddah while work begins on the track in Qiddiya," said Martin Whitaker, the CEO of the Saudi Motorsport Company that promotes the race. "The Qiddiya automotive centre is being designed to lead the world in Formula 1 circuit design and entertainment. A unique and exciting project, Qiddiya will be a location that everyone will want to … [Read more...] about Saudi Arabia F1 race set to remain in Jeddah until at least 2027

Helmut Marko has weighed in on the “supposed” $20 billion bid that Formula 1 chiefs are said to have rejected, the Red Bull boss conceding if Liberty Media does sell they have to be careful about who buys the sport. Last week Bloomberg reported that the Saudi Arabian Public Investment Fund (PIF), which purchased Premier League team Newcastle United in 2021, has shown an interest in buying Formula 1. They put forward a bid of $20 billion, up on the $4.4 billion Liberty Media paid in 2017, but it was rejected by the sport’s current commercial rights’ owners. That news set off the latest round in the on-going war-of-words between F1 and the FIA with the latter’s president Mohammed Ben Sulayem taking to social media to denounce the “alleged inflated price tag”. He added: “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.” PlanetF1 recommends FIA president reminds F1 … [Read more...] about Helmut Marko weighs in on the good and the bad of PIF’s ‘supposed’ $20b bid

The president of the FIA says any potential buyer for Formula 1 must apply “common sense” following reports a Saudi Arabian fund made a $20 billion (£16.16bn) bid for the sport. Advert | Become a Supporter & go ad-free A report last week claimed the Saudi Arabian Public Investment Fund made an approach to F1’s owners Liberty Media which was turned down. Liberty Media bought the series from CVC Capital Partners and other stakeholders in 2016, in a deal which valued it at $8 billion (£6bn). FIA president Mohammed Ben Sulayem warned a $20bn sale price could have negative consequences for the sport. “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,” he wrote on social media. “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 … [Read more...] about FIA president warns over ‘inflated $20bn price’ for F1 · RaceFans

Formula 1 has criticised comments made by president Mohammed Ben Sulayem yesterday regarding the value of the sport in a letter to the FIA. Advert | Become a Supporter & go ad-free Ben Sulayem said the FIA would be “cautious about alleged inflated price tags of $20bn being put on F1” following reports the Saudi Arabian Public Investment Fund had made an approach to the series’ owners Liberty Media which was turned down. The reports claimed the offer valued F1 at $20 billion (£16.16bn). A letter from representatives of the American media company, obtained by the BBC and Sky , reminded the FIA that F1 had signed a 100-year deal to the series’ commercial rights and the governing body “has given unequivocal undertakings that it will not do anything to prejudice the ownership, management and/or exploitation of those rights”. The letter said Ben Sulayem’s comments “interfere with those rights in an unacceptable manner”. It added that the implication “that any … [Read more...] about F1 criticises FIA president’s “unacceptable” comments over “$20bn price tag” · RaceFans

The FIA president Mohammed Ben Sulayem has again questioned why there has been such a negative response to Andretti/General Motors joining F1. F1’s governing body appears to be poles apart from the sport’s commercial arm and its teams when it comes to the matter of new constructors joining the sport. Andretti are the most public of the current bids having started their campaign almost a year ago and announced earlier this month a new partnership with car manufacturing giant General Motors which would see the prospective team run as Andretti-Cadillac. From the off, Ben Sulayem gave his backing to the bid, openly questioning why the Formula One Management (FOM) showed an “adverse reaction” to the announcement. The FIA president further damaged his standings within F1 by openly questioning what he perceived as an inflated valuation from a potential Saudi Arabian takeover. While the ramifications of the latter affair continue to unfold, with Liberty Media bosses sending a letter … [Read more...] about FIA president: ‘How on Earth could we say no to someone like GM?’