Change at hand for F1 ownership?

The control of Formula One may just undergo a change of hands. According to media reports in Europe, Rupert Murdoch's News Corporation and an Italian investment firm linked to Ferrari are working on a possible bid to take control of Formula 1.

"Exor and News Corp will approach minority partners and key stakeholders in the sport," a joint Exor and News Corp statement released to the press said.

F1's owners, CVC Capital Partners, confirmed that it had received 'such an approach' but the company which bought the control of the sport for 1.8 billion pounds in 2006, said that the sport was not for sale.

CVC Capital Partners also said that the approach was more casual than a professional bid to buy rights and that it was Murdoch's son James who had represented News Corporation.

Any eventual takeover, if finalised, would involve changes in the Concorde Agreement which has the racing teams, CVC and the governing body in FIA, in its gambit.

The latest development comes closely after Bernie Eccelstone, the CVC representative who runs F1, had rubbished claims that News Corporation was in talks with Mexican billionaire Carlos Slim, who sponsors the Sauber team, to buy F1 as "rubbish".