Tuesday, 3 May 2011

News Corp Confirms F1 Interest

Despite Bernie Ecclestone's claims that it would not be feasible for a broadcaster to purchase the rights to Formula One, News Corp has now officially confirmed their interest.

News Corp, who own British Sky Broadcasting, have confirmed their interest in bidding for the sport, joining forces with investment company EXOR, who partly own Ferrari's parent company Fiat.

A statement from EXOR reads "EXOR, one of Europe's largest listed investment companies, and News Corporation, the global media group, confirm that 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 1 in the interests of the participants and the fans.

"Over the coming weeks and months, EXOR and News Corporation will approach potential minority partners and key stakeholders in the sport. There can be no certainty that this will lead to an approach to Formula 1’s current owners."

The current Concorde Agreement specifies that Formula One should be shown on free-to-air television wherever possible, which would mean that the sport cannot be broadcast exclusively on Sky. However, the current Concorde Agreement is due to expire after the 2012 season.

For more on this story, visit www.autosport.com

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