Saudi Arabia reportedly looked into buying Formula 1 and remains interested, should the opportunity arise. The country’s sovereign wealth fund, the $620 billion Public Investment Fund, was interested in purchasing the global racing series from Liberty Media, according to Bloomberg.
Liberty Media’s F1 tracking stock jumped around 6.9% in early trading on Friday and is up 12.6% over the last 12 months. The stock’s value has more than doubled since the beginning of 2019 and has a current market cap of $30.2 billion. F1 began racing in Jeddah, Saudi Arabia, in 2021 and will hold its third race there on March 19. Mercedes driver Lewis Hamilton has spoken out against the country’s human rights record.
The PIF, which funds LIV Golf and owns Premier League team Newcastle, valued F1 at well above $20 billion, including debt. Liberty Media bought F1 for $4.4 billion in 2017 and wasn’t interested in selling. The Saudi fund remains interested and could be a formidable suitor for F1 if Liberty Media reverses its stance.
