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Formula One not for sale, say owners

News18test sharma, |

Updated: May 5, 2011, 12:51 PM IST
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Formula One not for sale, say owners
Rupert Murdoch's News Corp and Italy's Exor were considering a joint takeover bid.

London: Formula One's owners said the sport was not "currently for sale" on Wednesday after Rupert Murdoch's News Corp and Italy's Exor confirmed they were considering a joint bid.

Private equity company CVC confirmed in a statement it had received an enquiry from News Corp and Exor, and that the companies had acknowledged that Formula One was privately owned and not on the market.

"CVC can confirm that it has recently received an approach from the Exor News Corporation consortium," the statement read.

Earlier, Formula One's owners had been approached by Rupert Murdoch's News Corp about a potential joint takeover bid with the investors behind Ferrari, the sport's oldest team.

Private equity firm CVC Capital Partners, which has owned the rights to F1 since 2006, said on Tuesday it has received a "friendly" approach from News Corp.

The media giant earlier confirmed in a joint statement with Italian investment firm Exor that they had combined to search for backers to fund a possible bid for F1.

First Published: May 5, 2011, 12:51 PM IST
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