Newcastle United’s majority owners have reportedly considered making a bid of over £16bn to purchase Formula 1 - and their interest is said to remain alive.
The Saudi Arabia Public Investment Fund were part of a consortium that completed a reported £350m deal to purchase the Magpies from former owner Mike Ashley in October 2021 and they have continued adding to their investment portfolio over the last 12 months.
The formation of the LIV Golf tour caused controversy with many of the game’s top players moving away from the PGA Tour to take part in LIV tournaments around the world - and it now seems PIF have their eyes on getting involved in another sport.
Bloomberg have reported PIF approached Liberty Media - the current owners of Formula 1 - with a proposal worth around £16bn to take a controlling stake in the organisation. Their offer was rejected and Liberty are said to have ‘no interest’ in selling. Despite the rejection, PIF ‘remain interested in the asset’ and would be viewed as ‘a serious bidder’ should Liberty have a change of mind in the near-future.
Saudi Arabia already has an interest in motor racing with oil company Aramco acting as a major sponsor of the Aston Martin F1 team and Neom, a futuristic side under construction in Saudi, is a title sponsor of McLaren’s Formula E and Extreme E teams. PIF is also a minority shareholder in McLaren.
The PIF are also reportedly showing an interest in acquiring the WWE and there were recent reports in America suggesting a deal was close.