The Asian country already hosts an F1 Grand Prix, a Formula E E-Prix, Dakar Rally and has also taken Cristiano Ronaldo. Now, they are going for the rights of Formula 1
Having won a Formula 1 Grand Prix until 2027 and owning shares in McLaren and Aston Martin seems not to be enough for Saudi Arabia, which aspires to take over the Grand Circus and for which it would have offered $20 billion at the beginning of 2022. reported the Bloomberg Economic News Channel.
The proposal was made through the investment fund of the Asian country, with which they operate in all areas. However, the firm that owns F1, Liberty Media, rejected the offer, arguing that they “did not want to sell”.
In 2016 Liberty acquired the rights to F1 by completing the purchase from Bernie Ecclestone for an amount of $4.4 billion dollars. Although the Covid-19 pandemic represented several losses for the competition, it is currently valued at $12.5 billion dollars.
Of course, from Saudi Arabia they do not give up and it is possible that in the coming months the value of the proposal will rise. At the moment, from North America they are not considering a sale and, on the contrary, they aspire to increase the value of the brand.
Over the past few years Saudi Arabia has battled billions to become a sports benchmark. They currently organize the Dakar Rally, host a Formula 1 GP, a Formula E E-Prix and are the owners of Premier League club Newcastle.
Likewise, the Spanish Super Cup takes place in Saudi territory, where Cristiano Ronaldo has arrived to play with the Al-Nassr team.
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.