CVC say Exor/News Corp approach ‘friendly’

CVC Capital Partners, the company which owns the sport of Formula One, has acknowledged that Exor/News Corporation have approached them with a view to buying a stake but insisted that the contact had been friendly.

Italian company Exor, owned by the Agnelli family of Fiat and Ferrari fame, has in recent days been linked with a tie-up with Rupert Murdoch’s News Corporation in a joint venture which would see them buy into the sport.

Despite Bernie Ecclestone dismissing the idea of CVC being bought out, the venture capital firm today announced that they had been in touch with James Murdoch.

“CVC can confirm that it has recently received an approach from the Exor News Corporation consortium,” said the company in a statement.

They went on to say that the sport was not currently a matter for negotiation.

“James Murdoch has informed us that the approach is friendly, at a very preliminary stage, and that they acknowledge that Formula 1 is privately owned by CVC and not currently for sale.

“CVC recognises the quality of Exor and News Corporation as potential investors, but any investment in Formula 1 will require CVC’s agreement and will need to demonstrate that it is in the interest of the sport and its stakeholders, taken as a whole.”