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.”
