Bernie Ecclestone has once again insisted that Formula One is not for sale after further speculation of a potential takeover surfaced on Tuesday.
It was confirmed on Tuesday evening that News Corporation was looking into the possibility of making an approach alongside investment firm EXOR.
However Ecclestone, who serves as chief executive for private equity company CVC, which currently owns F1's commercial rights, has reiterated his stance that it has no intention of selling.
"You would think if somebody wanted to buy it they would approach the people who own it to see if they want to sell it," he said.
"Personally, I know CVC don't want to sell, so it's going to be a bit difficult. I can see CVC in for the long haul, absolutely, 100%."
Ecclestone also rubbished takeover talk that surfaced a fortnight ago concerning News Corp and Mexican telecoms giant Telmex.
The 80-year-old said at the time that any offer would have to be "ridiculous" but speaking in light of the latest speculation, he acknowledged that everybody has their price.
CVC paid £1.6billion for F1 in 2006.
"If somebody come along and offered them (CVC) a lot more money than it's worth, they would obviously say 'Sit down, let's have a chat'," Ecclestone added.
"But I get the distinct feeling that's not going to happen. I can't understand why a company as big as News Corp need to keep looking for partners.
"First it was (Mexican billionaire) Carlos Slim, and now we've a new one."
EXOR are controlled by the Agnelli family who run car giant Fiat, which in turn owns Ferrari.
Confusion
There was some confusion on Tuesday night, however, as to what stage of negotiations the parties were at.
Hours after EXOR and News Corp released a statement suggesting they were only looking into the possibility of making a bid, CVC said they had received a "friendly" approach, albeit at the preliminary stage.
A joint statement from EXOR and News Corp read: "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.
"Over the coming weeks and months, EXOR and News Corporation will approach potential minority partners and key stakeholders in the sport."
The statement added: "There can be no certainty that this will lead to an approach to Formula One's current owners."
However, CVC's later statement read: "CVC can confirm that it has recently received an approach from the Exor News Corporation consortium.
"James Murdoch has informed us that the approach is friendly, at a very preliminary stage, and that they acknowledge that Formula 1 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 1 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."
It was confirmed on Tuesday evening that News Corporation was looking into the possibility of making an approach alongside investment firm EXOR.
However Ecclestone, who serves as chief executive for private equity company CVC, which currently owns F1's commercial rights, has reiterated his stance that it has no intention of selling.
"You would think if somebody wanted to buy it they would approach the people who own it to see if they want to sell it," he said.
"Personally, I know CVC don't want to sell, so it's going to be a bit difficult. I can see CVC in for the long haul, absolutely, 100%."
Ecclestone also rubbished takeover talk that surfaced a fortnight ago concerning News Corp and Mexican telecoms giant Telmex.
The 80-year-old said at the time that any offer would have to be "ridiculous" but speaking in light of the latest speculation, he acknowledged that everybody has their price.
CVC paid £1.6billion for F1 in 2006.
"If somebody come along and offered them (CVC) a lot more money than it's worth, they would obviously say 'Sit down, let's have a chat'," Ecclestone added.
"But I get the distinct feeling that's not going to happen. I can't understand why a company as big as News Corp need to keep looking for partners.
"First it was (Mexican billionaire) Carlos Slim, and now we've a new one."
EXOR are controlled by the Agnelli family who run car giant Fiat, which in turn owns Ferrari.
Confusion
There was some confusion on Tuesday night, however, as to what stage of negotiations the parties were at.
Hours after EXOR and News Corp released a statement suggesting they were only looking into the possibility of making a bid, CVC said they had received a "friendly" approach, albeit at the preliminary stage.
A joint statement from EXOR and News Corp read: "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.
"Over the coming weeks and months, EXOR and News Corporation will approach potential minority partners and key stakeholders in the sport."
The statement added: "There can be no certainty that this will lead to an approach to Formula One's current owners."
However, CVC's later statement read: "CVC can confirm that it has recently received an approach from the Exor News Corporation consortium.
"James Murdoch has informed us that the approach is friendly, at a very preliminary stage, and that they acknowledge that Formula 1 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 1 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."
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