PIF, Saudi Arabia’s $700-Billion sovereign wealth fund, will hold a 75% stake in the new JV, with Pirelli holding the remaining 25% and providing the technical and commercial support for the development of the project, the two groups said.
Reports back in January claimed that the PIF was targeting to buy Formula 1 from commercial rights holders Liberty Media and planning to pay up to $20-Billion.
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If they’d actually buy F1 that would probably be the end of F1 as we know it.
I hope Formula 1 dies if that happens. I’ll just skip motorsport for a while.
Yuck. I’m sure they’ll be happy to use all that slave labor.
So they’re not actually making F1 tyres there, this is just a joint venture for normal tyres. iirc the tyres for F1 are made in turkey.
