Murdoch joins up with Agnellis to plan F1 bid

EXOR has confirmed it is exploring the prospect of putting together a takeover bid with Rupert Murdoch's News Corp (GETTY IMAGES)

A battle for control of Formula One could be on the cards after one of Europe's largest investment firms last night confirmed its interest with regard to a potential takeover.

EXOR, controlled by the Agnelli family who run the car giant Fiat, which in turn owns Ferrari, has confirmed it is exploring the prospect of putting together a takeover bid with Rupert Murdoch's News Corporation.

It was revealed a fortnight ago that News Corp had held preliminary talks with two parties in relation to making a bid for Formula One. One was suggested to be the Agnellis and the other Carlos Slim, the Mexican billionaire who is currently recognised as the richest man in the world with a net worth of around £45bn.

In a statement issued last night, no mention was specifically made of Slim, but the Agnellis and the Murdoch empire are certainly in the running. "EXOR, one of Europe's largest listed investment companies, and News Corporation, the global media group, confirm they are in the early stages of exploring the possibility of creating a consortium with a view to formulating a long-term plan for the development of Formula One in the interests of the participants and the fans," read the statement.

"Over the coming weeks and months, EXOR and News Corporation will approach potential minority partners and key stakeholders in the sport."

Significantly, the statement added: "There can be no certainty that this will lead to an approach to Formula One's current owners."

Formula One's commercial rights are held by the venture capital firm CVC, which bought them in 2006 for £1.8bn. Its chief executive, Bernie Ecclestone, stated last month that rumours of a takeover by News Corp were "rubbish," and any offer would have to be "ridiculous".