Bloomberg reported on Friday that Saudi Arabia’s sovereign wealth fund explored a bid for the Liberty Media (NASDAQ: FWONK) owned Formula 1 (F1) motor racing.
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The report stated that a potential deal did not take place last year as Liberty Media was not interested in selling the franchise. The Saudi Public Investment Fund (PIF) valued the F1 franchise at above $20 billion, including debt.
The Saudi wealth fund remains interested in F1 and would be willing to bid for it if Liberty Media decided to sell, Bloomberg reported. Liberty Media first acquired the F1 franchise back in 2017 in a deal worth $4.4 billion.
Liberty Media stock has gone up by more than 7% in the past year.
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