Liberty Media had turned down a $20 billion buy-out offer from the Kingdom of Saudi Arabia’s PIF, as reports emerged that the Saudi's PIF was mulling a buyout bid for entire Formula 1. In the matter of the fact, Saudi Arabia’s PIF (Public Investment Fund) had reportedly been in talks to purchase the F1 behemoth Liberty Media at a $20 billion buyout bid, however, several media toplines had unfurled later that Liberty Media had turned down that offer. Nevertheless, over the weekend, Bloomberg had quoted sources who wished to remained anonymous contemplating the sensitive nature of the issue as saying that Saudi Arabia’s PIF had been looking to purchase the entire Formula 1 as beforementioned.
Liberty Media turns down Saudi Arabia’s PIF’s $20 billion buyout bid
In tandem, if truth is to be spoken, the buyout bid from Saudi Arabia’s PIF fund has been nearly a five-fold of what Liberty Media had to lay out back in the 2017.
On top of that, Saudi Arabia has already been involved in Formula 1 in several ways with its state-backed oil giant Aramco being one of the biggest sponsors of the event, while a Saudi Arabia GP was added back in the 2021 into the F1 calendar.
Apart from that, latest move from Saudi Arabia’s PIF came forth just months after the public investment fund had purchased the entire right of an EPL (English Premiere League) club Newcastle United. In point of fact, recent attempts from the Saudi Arabia’s PIF to expand its portfolio into several sectors came forth as the Kingdom’s crown prince Mohammed bin Salman, apparently the most visionary leader the Kingdom had witnessed over recent past, has been looking to diversity the economy of Saudi Arabia by investing on non-oil sector.
Even though, while it remains to be seen whether Saudi’s PIF would be able to purchase the entire Formula 1, the PIF’s non-oil venture had contributed to a significant scale of GDP growth in fiscal 2022 for the resource-rich economy.