Go Back   Eurocardsharing > General Discussions > General Satellite News > Latest Satellite News

Latest Satellite News Discussion, News and Fiat boss confirm F1 interest at General Satellite News forum; News and Fiat boss confirm F1 interest 
Rupert Murdochs News Corp and an investment group run by the chairman of ...

LinkBack Thread Tools Display Modes
News and Fiat boss confirm F1 interest
Bacteria's Avatar
Posts: 96,016

Level: 124 [♥ Bé-Yêu ♥♥ Bé-Yêu ♥♥ Bé-Yêu ♥♥ Bé-Yêu ♥♥ Bé-Yêu ♥]
Life: 4638 / 4638
Magic: 32005 / 90506
Experience: 68%

Thanks: 1,107
Thanked 5,577 Times in 1,419 Posts
Join Date: Oct 2006
Age: 35
News and Fiat boss confirm F1 interest - 06-May-2011, 00:20

News and Fiat boss confirm F1 interest

Rupert Murdochs News Corp and an investment group run by the chairman of Fiat have confirmed they are interested in buying into Formula 1 auto racing.

News and the Exor investment group issued a joint statement that said they will approach existing minority partners and stakeholders in the sport, but added that this does not guarantee a full takeover approach will be made.

News and Exor jointly said that 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 1 in the interests of the participants and the fans.

Exor is controlled by the Italian Agnelli family, which owns the Juventus soccer club. Its CEO, John Elkann, is chairman of Fiat. The Italian car manufacturer owns Ferrari, which operates one of F1s top teams.

F1 is currently owned by private equity investor CVC Partners. It issued a statement confirming News Corp had made an initial approach, but reiterated that the sport is not for sale.

James Murdoch has informed us that the approach is friendly, at a very preliminary stage, and that they acknowledge that Formula 1 is privately owned by CVC and not currently for sale, the company said. CVC recognises the quality of Exor and News Corporation as potential investors, but any investment in Formula 1 will require CVC's agreement and will need to demonstrate that it is in the interest of the sport and its stakeholders, taken as a whole."

Reply With Quote


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Forum Jump

ECS on RSS ECS on Twitter ECS on Facebook ECS on Youtube
Follow us on:

Powered by vBulletin
Copyright 2002 - 2010, Jelsoft Enterprises Ltd.
SEO by vBSEO ©2011, Crawlability, Inc.