Formula One owners reject sale claims

Formula One's owners today echoed the words of Bernie Ecclestone by insisting the sport is not currently for sale.

Italian investment company EXOR and media giant News Corporation yesterday confirmed their interest in a potential takeover of F1.

The consortium pitches media mogul Rupert Murdoch together with the powerful Agnelli family who, among many interests, run Fiat which in turn owns Ferrari.

F1 supremo Ecclestone, yesterday insisted private equity firm CVC, which holds the sport's commercial rights, had no interest in releasing its asset at present.

In a statement today the sport's owners said: "CVC recently received an approach from the Exor/News Corporation consortium. James Murdoch has informed us the approach is friendly, at a very preliminary stage, and they acknowledge Formula One 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 One 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."