The strong presence of Arab countries in calendar – Qatar will also return in 2023 – did not fully satisfy the Saudis, who would like to show the property of the Circus at Liberty Media. To do this, they would be willing to put a large amount of money on the bank, a "monster" offer, the result of the country's growing interest in investing in the international sports industry. The popularity of F1 under the management of the American company has skyrocketed as has its value, which has reached around 15,2 billion of dollars. The PIF, Saudi Arabia's public investment fund, however, would have offered more.
Offered 20 billion but Liberty says "no"
Saudi Arabia and Formula 1 are two realities that have begun to collaborate closely in recent years, in particular under the management of Liberty Media, which arrived in Formula 1 in 2017 and had to deal with debts and with a sports to be completely redesigned, to be sold to the general American public, and beyond. Saudi Arabia, with its great economic power, however bitter it is to accept, plays a very important role in F1, almost as much as Liberty Media. Jeddah, arrived in 2021 with the aim of being a stopover temporary pending the construction of the Qiddiya Circuit, will remain on the calendar until at least 2027. Furthermore, the oil giant Saudi Aramco is a strategic partner within the Circus. The president of the FIA, Mohammed Ben Sulayem is also an Emirati.
As reported by the American site Bloomeberg the expansionist desire of the Arabs would not stop at all this. Indeed, Liberty Media would have been offered them 20 billion, a greedy figure, but not enough to proceed with the sale. “A potential deal fell through early last year - he writes Bloomberg about - as F1 owner Liberty Media Corp. was not interested in selling the franchise Saudi Arabia's Public Investment Fund (PIF) valued well over $20 billion including debt. The PIF remains interested and would be a serious bidder if Liberty Media changes its mind and decides to sell".
Therefore, it is not certain that a further proposal will not arrive that could possibly be of serious interest to Liberty Media. Although this would make more than one nose turn up, as did this first attempt.
Arabia and “sportwashing”
As we have already said, Formula 1 is part of a wider sporting entrepreneurial plan, perhaps to "clean up" the country and the institutions from the bad reputation they enjoy on the global scene, looking away from the terrible situation of human rights. You only show what you want to show. A theme that emerged above all in the last FIFA World Cup in Qatar. Sportwashing can manifest itself with the purchase of teams, the organization of events, or sponsorships of these. Saudi Arabia is one of the countries that is focusing on this practice to rebuild its public image, and becoming the owner of an entire category would put it in a light strong enough to blind the rest of the world.
Source statements: FormulaPassion
