Milan: US media group News Corp and Italian financial holding Exor, which controls Ferrari through carmaker Fiat, are teaming up to explore options on how to run Formula One motor racing.
Formula One, which runs its races across the world, is owned by private equity firm CVC and managed by the sport`s long-time supremo Bernie Ecclestone, who is 80 years old.
Exor and News Corp "confirm they are in the early stages of exploring the possibility of creating a consortium with a view to formulating a long-term plan for the development of Formula One," the two companies said in a joint statement.In the next few weeks, Exor and News Corp said they planned to talk to potential minority partners and the main operators involved, adding there is no certainty a proposal will be made to the current owners of Formula One.
The Turin-based Exor is the Agnelli family holding and apart from its 30 percent stake in Fiat owns the northern Italian city`s Juventus Football Club.
Fiat`s unit Ferrari, which also produces luxury sports cars for the road, declined to comment on the News/Exor project.
A bid by News Corp media group to take control of Formula One has clear logic even if it would face many challenges to secure the backing of the sport`s high profile players.
Analysts say that big manufacturers and advertisers traditionally prefer the sport shown on free-to-air channels as they have bigger potential audiences, as opposed to News Corp`s BSkyB and Sky Italia pay TV.In April, a source told reporters that News Corp had early talks with Mexican billionaire Carlos Slim about forming a consortium to acquire control of Formula One.
A spokesman for Carlos Slim was not immediately available for comment.
"This is a project in early stage form. The main point is that Exor and News Corp will be co-leads in a project exploring options on how to run Formula One," a source close to the situation had said.
Last month, Ecclestone said News Corp`s Rupert Murdoch had a "close to zero" chance of buying Formula One.
Bureau Report
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Cookies Setting
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device and the processing of information obtained via those cookies (including about your preferences, device and online activity) by us and our commercial partners to enhance site navigation, personalise ads, analyze site usage, and assist in our marketing efforts. More information can be found in our Cookies and Privacy Policy. You can amend your cookie settings to reject non-essential cookies by clicking Cookie Settings below.
Manage Consent Preferences
Strictly Necessary Cookies
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work or you may not be able to login.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They are also used to limit the number of times you see an advert as well as help measure the effectiveness of an advertising campaign. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we may not know when you have visited our site, and may not be able to monitor its performance.