According to Reuters, Rupert Murdoch‘s News Corp and Exor, the Italian company that controls Ferrari, are looking to build a consortium that will take over Formula One racing.
Formula One, which runs its races across the world, is owned by private equity firm CVC and managed by the sport’s long-time supremo Bernie Ecclestone, who is 80 years old.
Exor and News Corp “confirm they are in the early stages of exploring the possibility of creating a consortium with a view to formulating a long-term plan for the development of Formula One,” the two companies said on Tuesday in a joint statement.
In the next few weeks, Exor and News Corp said they planned to talk to potential minority partners and the main operators involved, adding there is no certainty a proposal will be made to the current owners of Formula One.
“This is a project in early stage form. The main point is that Exor and News Corp will be co-leads in a project exploring options on how to run Formula One,” a source close to the situation had told Reuters earlier on Tuesday.