The president of the FIA called for "common sense" from parties interested in buying Formula 1 in the wake of a report revealing a £16bn attempt to purchase the sport last year.
As reported by Bloomberg, the Saudi Arabian Public Investment Fund (PIF) weighed up that massive bid for the sport in 2022. The huge wealth fund, which counts Premier League football club Newcastle United among its many assets, is interested after F1's massive growth in recent years under current owners Liberty Media.
Considering Liberty paid £3.3bn to buy F1 back in 2017, such an offer would have represented a massive profit. Regardless, the report went on to add that the Saudi approach was rejected out of hand, though the PIF is said to remain interested in owning the sport should the opportunity arise in the future.
