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Agnelli Controlled Exor And Rupert Murdoch’s News Corp Confirm Interest In F1 Bid

 
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2011 Formula 1 season

2011 Formula 1 season



It’s official. European investment group Exor, owned by Italy’s Agnelli family and headed by Agnelli scion John Elkann, the current chairman of Fiat, has confirmed that it and media giant News Corporation are investigating the possibility of a takeover bid for the commercial rights of Formula 1.

There have been rumors of an F1 buyout by Rupert Murdoch’s News Corp, together with a second, unnamed investor that was initially thought to be Ferrari, for some time now.

We now know that the second investor is Exor, which together with News Corp, now plans to form a consortium with a view to formulating a long-term plan for the development of F1.

Over the coming weeks and months, Exor and News Corp will approach potential minority partners and key stakeholders in the sport. Importantly, Exor and News Corp admit that the move that will lead to an approach to F1’s current owners, CVC Capital and Bernie Ecclestone (pictured below).

Ecclestone asks Mosley to quit

Ecclestone asks Mosley to quit

Estimates for the commercial rights of F1 are in excess of $11 billion, and a decision on any potential sale is expected within the next 12 months. 

Interestingly, the other investors keen to get a stake in the entity are race trams including Ferrari, McLaren, Mercedes GP and Red Bull Racing. 

What’s of more interest, however, is the notion that Exor, which is controlled by the Agnelli family, who also owns a majority stake in Fiat, which in turn owns Ferrari, having the rights to F1 and the conflict of interest that arises with Ferrari competing in the sport. After all, we’ve already got former Ferrari team boss Jean Todt presiding over the FIA.

Stay tuned for an update.


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Comments (3)
  1. Well if this goes through I guess we can kiss goodbye to watching F1 on BBC or any of the free to air channels in the UK as Murdoch and co will put it on their Pay Per View channels instead
     
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  2. I like the idea of formula 1 teams owning the commercial rights to formula 1. Only problem is that all teams should have equal shares in the rights not just one team (ferrari) having majority.... this may level the playing field and boost formula 1 car development....
     
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  3. @phil12321 Agrees with your idea of an equal share -
    An idea bouncing round my mind is maybe something along the lines of limit the teams to I dunno 12 with 2 cars per team as it is this season and they have 5% of the commercial rights each or 60% total. The other 40 should be shared out with tyre / fuel suppliers getting 10% each with the final 20% to the country where the course is
     
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