Saudi Arabia has tried to buy Formula 1, but Liberty Media has rejected the offer.
Saudi Arabia wants to become the epicenter of the sport, as we are seeing with the dispute of the main events of the motor world and other competitions, including several soccer tournaments. The country has wanted to go a step further and has even tried to take ownership of Formula 1. Despite the attempt, the million-dollar offer has been rejected by Liberty Media.
In the boom times that Formula 1 is going through today, it would be sheer madness for the owners since 2016 to decide to sell the championship just as the profits appear. The category has grown exponentially and is conquering both the American market and a new generation of fans once and for all.
All this has had an impact on the calendar, which will have no less than 23 races this year, and interest in different parts of the world is growing year after year, not to mention teams and brands that want to enter the category or the production of films. that will further elevate the premier category of motorsports.
Saudi Arabia’s offer to buy F1
Saudi Arabia, which has opted for Formula 1 to make the country known through the millionaire audience of the championship, organized by the Grand Prix that has been held annually since 2021 at the Jeddah Circuit, has wanted to redouble its commitment to the sport and climb one more step.
According to Bloomberg, the country has made, through its PFI investment fund, a million-dollar offer to take over F1, estimated at around 20,000 million dollars. This sum would be even higher than the current value of F1, which would be 15.2 billion.
Liberty Media, which does not want to get rid of F1 right now that they are entering the United States with no less than three races, rejected the offer… Even so, from Saudi Arabia they would have stressed that the purchase proposal is still valid and they are even willing to upload it.
The first contacts and rumors arose in 2020, in a tough year for F1 due to the heavy blow dealt by the pandemic. However, the country has not given up its intention since then and has continued to trust the F1 brand.
Just a few days ago, during the Dakar – which is also held in Saudi Arabia -, the president of the Automobile and Motorcycle Federation, Khalid Bin Sultan Al Faisal, offered the futuristic city of NEOM as the venue for the F1 teams.
In addition to these intentions, it should be noted that Saudi Arabia has shares in Aston Martin and McLaren, and is also a sponsor of the first of these teams thanks to ARAMCO, the state oil company. They also support McLaren in Formula E through NEOM.
For now, Liberty Media has said no to Saudi Arabia’s offer, but this has not made the country move away from the reference automobile category, quite the contrary, since they have confirmed that the Jeddah Circuit will host of the Saudi Arabian GP until 2027 and, in addition, they will be the opening race of the 2024 season.
