owners Liberty Media ‘reject stunning £16BILLION bid from Saudi Arabia to take over sport’

FORMULA 1 owners have reportedly rejected a £16billion bid from Saudi Arabia to take over the sport. The media company took over the sport itself in 2017, having completed the purchase for £3.56bn. However, they have now rejected a bid for the motorsport from the PIF worth £16bn, according to Bloomberg. However they are believed to remain interested in buying the sport should Liberty Media decide to cash in. Formula One would be only the latest in Saudi Arabia’s sporting ventures. The Saudi Arabia Grand Prix has been criticised by fans of the sport as they accused of ‘sport washing’ since it was added to the calendar in 2021.

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