Suggestions that Saudi Arabia’s sovereign wealth fund explored making a $20 billion bid to take over Formula One have been “purely speculation,” in keeping with the nation’s sports activities minister.

In January, Bloomberg reported that Saudi Arabia’s Public Investment Fund explored a bid final yr to amass the game from Liberty Media, which accomplished its acquisition of F1 for $4.4 billion in 2017.

F1 provided no touch upon the report.

“What I know is what I read in the news, honestly. I think it’s just purely speculation, I don’t think there was any serious talk about that,” Saudi Arabia’s minister for sport, Prince Abdulaziz bin Turki Al Faisal, advised The Athletic in Jeddah.

“It took a lot of heat and a lot of response and things between them, with the FIA and so on. But I am in charge of developing sports within the kingdom, not investment or all of these things — (the Saudi Arabian state’s sovereign wealth fund) is. But from what I know, it’s purely speculation.”

The warmth Abdulaziz referred to was the declare by the FIA’s president, Mohammed Ben Sulayem, {that a} $20 billion valuation of F1 was “inflated” and that any doable purchaser would wish to “apply common sense, consider the greater good of the sport and come with a clear, sustainable plan — not just a lot of money.”

Ben Sulayem’s feedback sparked an offended response from F1, whose authorized division despatched a letter to the FIA president saying he had interfered with the sequence’ business issues. The FIA shouldn’t be permitted to become involved with business issues, which stay purely below the jurisdiction of Liberty Media as the game’s business rights holder.

The Saudi sports activities push

Saudi Arabia has a large involvement in F1 already. Besides its grand prix in Jeddah, which has been on the calendar since 2021, the state oil firm, Aramco, can also be a world companion for F1. Aramco has trackside branding and title sponsorship for races, together with final yr’s United States Grand Prix in Austin, Texas, and can also be a title sponsor of the Aston Martin workforce.

Along with soccer, tennis, and boxing, F1 is one among a lot of sporting sequence or leagues to have held an occasion in Saudi Arabia for the primary time in recent times. Those debuts have led to criticism that the push is a form of sportswashing, meant to deflect attention from the state’s human rights document.

The sports activities minister mentioned the purpose of the push is to extend participation in sport. “It helps us develop our youth and develops our programs and delivers on what they want. They have seen it all over the world and they ask why can’t we have it in our cities.”

A second Saudi F1 race?

The Jeddah Corniche Circuit, the place F1 debuted in 2021, was initially deliberate to be a brief dwelling for the grand prix in Saudi Arabia earlier than transferring the race to the brand new leisure metropolis of Qiddiya, which is being constructed on the outskirts of the capital, Riyadh.

Prince Khalid bin Sultan Al-Abdullah Al-Faisal, the chairman of the Saudi Motorsport Company that runs the race, mentioned he anticipated it to stay in Jeddah till at the very least 2027 or 2028 as development continues in Qiddiya. But he was open to the concept of getting a number of races in Saudi Arabia sooner or later, believing the demand is there to maintain F1 at each venues.

“The idea of having two races in Saudi is doable,” he mentioned at a media roundtable. “I would not be surprised if Saudi, in the near future, will host two races. The demand is there and we will have two beautiful facilities.”

Saudi Arabia can also be in competition to host the opening race of the 2024 F1 season. It and Bahrain are each aiming to host their races earlier than the holy month of Ramadan begins March 11. Australia, which had been on account of begin the season subsequent yr, has given up the slot to help the Middle Eastern races.

Khalid mentioned that whereas Saudi Arabia “would love to have the opening race”, he added: “Nothing is set now. Hopefully we can finalize it soon.”

(Photo of Prince Abdulaziz bin Turki Al Faisal: Rania Sanjar / AFP through Getty Images)