Formula 1 is currently not for sale, CEO Stefano Domenicali tells Sky Sports F1. Last month there were rumors that a Saudi investment fund wanted to take over the royal class from Liberty Media, but according to Domenicali, a sale is not on the cards for the time being.
“That’s actually a question they should ask my shareholders, but I don’t think so,” says the Italian CEO, quoted by the Dutch branch of Motorsport.com, when asked if the sport is for sale. Saudi Arabia would have paid about twenty billion dollars for a takeover. However, Domenicali emphasizes that Liberty Media, who took over Formula 1 in 2017 for $4 billion, is still investing in the sport.
And those investments will continue for a while. “We invest in Formula 1. You can see that we invest real money, like in Las Vegas for example,” Domenicali explains. ‘We bought a piece of land there for 240 million dollars. We are building new facilities there, which will lead to an investment of more than half a billion. So we’re very, very happy.’
‘F1 crown jewel in their portfolio’
Domenicali also sees other reasons why Formula 1 is not for sale. ‘I am in contact with my shareholders every week. It is truly the crown jewel in their portfolio and they fully support what we do. And if you look at the value, it is of course phenomenal. I think that’s because we do great work together. So I don’t think this issue is on the table with my shareholders.’
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