Rupert Murdoch and Agnelli Announce Plans to Buy Out F1

Rupert Murdoch and Agnelli Announce Plans to Buy Out F1

Rupert Murdoch’s News Corporation and Exor, the investment firm owned by the Agnelli family, have made public their plan to buy Formula 1, the entire sport—right out from Bernie Ecclestone and his CVC Capital firm.

The two agencies are looking to secure all, if not most, of the commercial rights to the world’s biggest racing league, but even this won’t necessarily come to fruition. Because if it does, it would make for strange bedfellows—Exor is chaired by John Elkann, scion of the Agnelli family and chairman of Fiat…which owns a certain racing team named Ferrari.

The very idea of Ferrari, already the 800-pound gorilla of the room, having a tenuous stake in the entirety of F1, would surely lead to a riot. Some may think it’s bad enough that former Ferrari chief Jean Todt already presides over the FIA, F1’s governing body, but this could mean a new way for Ferrari to dominate the sport. Hey, the whims of the super-rich are not to be trifled with.

[Source: Autoblog]