Where we used to say that the Chinese buy everything, now it seems it’s their turn. Saudi Arabia follow them. The Saudi Arabian Sovereign Fund is considering adding its famous high speed races to its portfolio. Formula 1(F1)This was reported by informed sources, citing Bloomberg news agency. This acquisition will add to an already growing portfolio, including holdings in the international sports and sports industry. Meanwhile, it’s worth mentioning that a potential deal was dropped early last year as the event’s owner, Liberty Media, was not interested in selling the franchise rights to the Saudi Arabian Public Investment Fund. The fund has valued those rights at more than $20 billion, including debt, according to the sources cited above. However, they added that they remain seriously interested in the asset and would be a serious bidder if Liberty Media changes its mind and decides to sell it.

Saudi Arabia has invested heavily in the sport as it opens the door to more Western-style entertainment under Crown Prince Mohammed bin Salman. In fact, in recent years she has taken over British First Division club Newcastle United while major boxing, golf and Formula 1 events have taken place here. A caution against her human rights record. Of course, F1 will become a cult acquisition. The sport has grown in popularity since it was acquired by billionaire John Malone’s Liberty Media in 2017 for $4.4 billion.

Liberty Media sought to grow a new generation of fans by expanding F1’s reach in Southeast Asia and the United States and launching an online consumer streaming service with it. After all, the Middle East was another area of ​​focus for F1 owners. The region will host four matches in the 2023 season, with the first two in March in Bahrain and Saudi Arabia. Saudi Aramco, the world’s largest oil producer, has finally secured a landmark F1 sponsorship deal for 2020.