Saudi Arabia wanted to buy Formula 1 for 20 billion

Formula 1 has continued to develop within the Middle East over the previous twenty years. The wealthy Gulf states already win a complete of 4 Grands Prix within the 23 weekend calendar. Due to the massive investments in worldwide sports activities enterprise, they’re usually accused of making an attempt to wash the game.

Strictly conservative Saudi Arabia performs a particular position. The desert state has been on the racing calendar because the 2021 Formula 1 season and has a contract till 2030. But Saudi Arabia went one step additional.

Saudi Arabia: 20 billion for Formula 1

According to the US “Bloomberg” media, the oil-rich nation tried to buy all the Formula 1 World Championship from Liberty Media. However, regardless of Riyadh’s maddening provide, the first-class rights holder rejected that sale early final yr.

Specifically, concerning the Saudi Arabian Public Investment Fund (PIF). He supplied 20 billion US {dollars} to buy Formula 1. Thus, the provide was a lot increased than the worth of the primary class. It is now valued at round $15 billion. By comparability, Liberty Media purchased the business rights to Formula 1 in 2017 for $4.4 billion.

Saudi Arabia remains to be serious about shopping for the world’s greatest motorsport collection, in accordance to a report based mostly on nameless sources. However, Liberty Media is just not at the moment serious about a sale. So far, neither Formula 1 nor the Saudi Arabian Investment Fund have commented on the studies.

Formula 1 2023: Saudi Arabian GP in March

The Saudi Arabian Grand Prix will probably be held in Jeddah on March 19 because the second spherical of the 2023 Formula 1 season. The Red Sea Gulf route was truly solely a short lived resolution to the still-to-be-built route in Kiddiya on the 2021 calendar. After a collection of delays, it was confirmed on Thursday that Jeddah will stay the venue till at the very least 2027.

Saudi Arabia has been criticized lately for its shortcomings in ladies’s and human rights. Most notably, the alleged assassination of journalist Jamal Khashoggi within the Saudi Consulate General in Istanbul in 2018 has drawn fixed criticism from the dominion.

Since then, the biggest nation within the Arabian Peninsula has invested not solely in motorsport, but in addition in lots of different sports activities, primarily soccer. In 2021, the Saudi Arabian Welfare Fund took over the English membership Newcastle United, and earlier this yr, former Portuguese worldwide Cristiano Ronaldo moved to Riyadh. Apart from Formula 1, Formula E and Dakar Rally can even be hosted in Saudi Arabia. MotoGP has already signed a declaration of intent to race in Saudi Arabia.

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