Formula 1 is reportedly being targeted by the same group that is rumored to be interested in purchasing World Wrestling Entertainment.
The Formula 1 brand has been on the rise over the last five years. After being purchased by Liberty Media for $4.4 billion in 2017, the elite racing league has seen a steady increase in interest and ratings. Especially when it comes to audiences in the United States.
In 2022, average ratings for each event on ESPN networks increased by 49% compared to 2021, and 131% in contrast to what the racing circuit generated for the broadcaster in 2020. That growth in one of the biggest media markets in the world was a major statement that reportedly landed Formula 1 a media rights deal with ESPN that could land them as much as $90 million over the life of the multi-year deal.
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It also seems that Formula 1’s brand growth has caught the attention of one of the most notable wealth funds in the world, and they are interested in purchasing the popular racing league.
Saudi Arabia PIF reportedly willing to pay $20 billion for Formula 1
Earlier this month, headlines were made in the world of professional wrestling when reports came out that the Saudi Arabia Public Investment Fund was closing in on a purchase of WWE. The reports were eventually shot down, but the fund is believed to still be one of the interested parties in a potential WWE sale.
It seems that the same fund, which is an arm of the Saudi government and owns LIV Golf and Premier League team Newcastle, is also interested in buying Formula 1. On Thursday, Bloomberg broke the news that the Saudi PIF recently explored the idea of purchasing the international racing circuit for as much as $20 billion.
However, Liberty Media is not currently interested in selling F1. A league that has seen prices for its stock continue to rise to a point where it now has a market value of $30.2 billion.
Formula 1 began running races in Saudi Arabia in 2021 and is set to have its third race in Jeddah on March 19. The Saudi Arabia PIF reportedly has a stockpile of money that reaches well over $600 billion and has been used in an attempt for the Saudi government to improve its standing with Western culture.