F1 Rumour: Saudi Arabia's Bold Move To Acquire Sport For A Staggering $20 billion

Reports have emerged of a large bid to acquire F1.

The Saudi Arabian Public Investment Fund is said to be making a play to acquire the rights to F1 from its current American owners, Liberty Media. 

According to a report from Bloomberg, the offer put forward is worth $20 billion (£14 billion), however the report also states that Liberty Media rejected the offer immediately. 

Liberty Media bought F1 in 2016 for $4.4 billion and has since led a number of initiatives aimed at modernising the sport and attracting younger audiences. The company, which currently holds the commercial rights to F1, has overseen a period of rapid growth in the sport. Despite the impact of the pandemic, F1 is now valued at $15.2 billion, a figure more than double the value four years ago.

There is criticism of bringing Saudi Arabia into sports, such as Formula One, due to the country's poor human rights record. Critics argue that the large investments that Saudi Arabia has been making in sports competitions and teams in recent years is an attempt to "sportswash" or use sports to mask and distract from the country's human rights abuses.

Despite the critics, the F1 introduced the Qatar Grand Prix in 2021 on a ten year contract and although the offer was rejected, it is widely thought that The Saudi Arabian Public Investment Fund are still interested in sparking negotiations. 

On top of this, Saudi Arabia has also shown interest in bringing a Formula One team to relocate its base to the country. They have reportedly set their sights on a well-established team such as McLaren, after entering into a partnership with the team's Formula E and Extreme E divisions.

It is suggested that Liberty Media are not looking to sell at the moment, but we will be keeping an eye out for any reports of further offers being put forward.