Ferrari-linked company confirms F1 takeover interest

Ferrari-linked company confirms F1 takeover interest

By Motorsport.com/GMM

John Elkann,  President of the Fiat Group and nephew Of Gianni Agnelli  and Luca di Montezemolo, Scuderia Ferrari, FIAT Chairman and President of Ferrari
John Elkann, President of the Fiat Group and nephew Of Gianni Agnelli and Luca di Montezemolo, Scuderia Ferrari, FIAT Chairman and President of Ferrari

Photo by: xpb.cc

F1's owner CVC Capital Partners has confirmed that Rupert Murdoch's News Corporation and the Ferrari-linked Exor company have made a "friendly" approach.

News Corp and Exor SpA, controlled by the Agnelli family and with a significant shareholding in Ferrari parent Fiat, confirmed jointly on Tuesday that they are "formulating a long-term plan for the development of Formula One".

CVC responded by insisting the potential takeover consortium knows F1 is "not currently for sale".

"CVC recognises the quality of Exor and News Corporation as potential investors, but any investment in Formula One will require CVC's agreement and will need to demonstrate that it is in the interest of the sport and its stakeholders", added the London based private equity firm.

Since news of the consortium's interest in F1 broke, the sport's chief executive Bernie Ecclestone has said repeatedly that CVC does not want to sell.

"You would think if somebody wanted to buy it they would approach the people who own it to see if they want to sell it," he told the Press Association.

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About this article
Series Formula 1
Drivers Luca di Montezemolo , Bernie Ecclestone
Teams Ferrari
Tags cvc, ecclestone, ferrari, murdoch, news corporation