Bloomberg reported that Saudi Public Investment Fund He remains interested in acquiring the Formula 1 motor racing franchise for his growing portfolio in the sports sector.
The fund’s attempts to acquire Formula 1 last year were obstructed by the company’s refusal to sell, as the fund valued the motor racing franchise at $20 billion, including debt.
And Bloomberg Agency added that if Liberty Media, which owns the Formula 1 franchise, changes its decision to sell, the Saudi Wealth Fund will be serious regarding acquiring it.
It is worth noting that the British luxury car company, Aston Martin, said in July 2022 that the Saudi Public Investment Fund will become the second largest shareholder in the company with a stake of approximately 17% through a capital increase process aimed at repaying debts and strengthening the company’s position, according to Archyde.com. .
The company is facing rising debt, falling share prices, and a Formula 1 racing team with problems.
The company said it plans to raise 653 million pounds ($773.15 million) through an investment from the Public Investment Fund of 78 million pounds, and a separate rights issue of 575 million pounds.
