Liberty Media reportedly reject multi-billion Saudi Arabian bid to purchase Method 1 : PlanetF1

The homeowners of Method 1 have reportedly rejected a multi-billion supply from Saudi Arabia’s sovereign wealth fund to purchase the game, insisting it’s not on the market.

Liberty Media bought the game for $4.4 billion in 2017 however the recognition of F1 has risen sharply since then, giving it a present valuation of $15.2 billion.

There may be loads of curiosity to host a race in addition to personal a group but it surely seems now there’s additionally curiosity in buying the game outright with Bloomberg reporting that Liberty Media has rejected a bid from Saudi Arabia’s Public Funding Fund, claimed to be greater than $20 billion.

The American media firm stories {that a} bid was submitted in 2022 however was rejected within the early phases with Liberty Media unwilling to promote to their prized asset.

PlanetF1.com has reached out to Method 1 for a remark.

The Saudi Arabia Public Funding Fund or PIF has been on a drive so as to add to its sports activities portfolio, most lately buying Premier League facet Newcastle United in October 2021. The nation additionally lured Cristiano Ronaldo to its soccer league with a €200m-per-year contract at Al-Nassr, and is claimed to be focusing on a bid for the 2030 World Cup.

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Regardless of being knocked again on their reported takeover bid, the PIF has loads of ties to F1 with the nation set to host the second race of the season in addition to proudly owning the world’s largest oil producer, Saudi Aramco who struck a landmark sponsorship cope with F1 in 2020.

On the 2021 version of the Saudi Arabia race, a missile struck an Aramco oil plant simply 10 kilometres away from the circuit whereas FP1 was happening.

In consequence, the drivers held a two-and-a-half-hour assembly to debate whether or not the race ought to go forward earlier than their group principals arrived and satisfied them it ought to.

Saudi Arabia’s transfer into sports activities has been branded by critics as “sportswashing”, which is outlined because the methods during which a rustic invests in sports activities to advertise its popularity on a world stage and deflect consideration away from much less beneficial perceptions of its actions and establishments.

In Amnesty Worldwide’s 2021/22 report, they reported that Saudi Arabia continued to focus on rights to freedom of expression, affiliation and meeting and handed down heavy jail phrases to people for his or her human rights work and expression of dissenting views.

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