Liberty Media CEO Greg Maffei has denied rumors that the company is planning to sell Formula 1 to Saudi Arabia.
The rumors surfaced after Saudi Arabia’s Public Investment Fund (PIF) was reportedly interested in buying the sport for $20 billion. However, Maffei said that there is no chance of Liberty Media selling Formula 1.
“Is there any chance we’re going to sell this thing and incur corporate tax?” Maffei said at the MoffettNathanson Inaugural Technology, Media and Telecom conference. “That should stop any discussion that anyone says that our friends, the Saudis, are going to buy it next week or something like that.”
Maffei said that Liberty Media is very happy with the direction of Formula 1 and has no plans to sell the sport. He also said that the company is not interested in selling to any other potential buyers.
“We are very enthused about where F1 is now but [also] where it’s going as well,” Maffei said. “You look at the big revenue streams there, all have good direction.”
Liberty Media acquired Formula 1 in 2017 for $4.4 billion. Since then, the company has made a number of changes to the sport, including introducing a budget cap and a new qualifying format.
The changes have helped to make Formula 1 more competitive and exciting, and the sport has seen a significant increase in popularity in recent years.
In the United States, Formula 1 has seen a surge in popularity in recent years, thanks in part to the Netflix docuseries Drive to Survive. The show has helped to introduce Formula 1 to a new audience in the United States, and the sport has seen record viewership numbers in the country.
Liberty Media has also been successful in expanding Formula 1 to new markets. The sport now has races in countries such as Vietnam, Saudi Arabia, and Qatar.
Maffei said that Liberty Media is committed to growing Formula 1 and making it the most popular sport in the world.
“We are very excited about the future of Formula 1,” Maffei said. “We think we have a great product and we think we can continue to grow the sport.”
