Formula One races

Formula One

News Corporation confirmed on Tuesday its plans for a joint takeover of Formula One together with an Italian investment company Exor.

CVC has confirmed it has received a "friendly" approach from James Murdoch's company, and that he understands Formula One is currently not for sale.

CVC said, however, that it recognised "the quality of Exor and News Corporation as potential investors".

"CVC can confirm that it has recently received an approach from the Exor News Corporation consortium," said the company in a statement.

"James Murdoch has informed us that the approach is friendly, at a very preliminary stage, and that they acknowledge that 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."