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LONDON – Formula One could face a joint takeover effort from Rupert Murdoch's News Corp. and an assets consort linked to Ferrari, the sport's oldest team.

Media colossus News Corp. and European assets concern Exor said weekday they were working together to wager for another investors to potentially money a effort for the motor racing series, which has been owned by clannish justness concern CVC Capital Partners since 2006.

News Corp. and Exor said in a joint evidence they are discussing the "possibility of creating a association with a analyse to formulating a long-term organisation for the development of Formula One in the interests of the participants and the fans."

Exor, the holding consort of the Agnelli family, has a controlling 30 proportionality wager in global automaker Fiat Group, which is the majority owner of sports automobile concern and F1 team Ferrari. Exor also holds a 60 proportionality wager in Serie A lateral Juventus.

"Over the reaching weeks and months, Exor and News Corporation module move possibleness minority partners and key stakeholders in the sport," the digit companies said in their statement. "There crapper be no calibre that this module lead to an move to Formula One's current owners."

CVC confirmed it has conventional an move from the consortium.

"(News Corp. honcho executive) James author has conversant us that the move is friendly, at a rattling origin stage, and that they pass that Formula One is privately owned by CVC and not currently for sale," CVC said in a statement.

"CVC recognizes the calibre of Exor and News Corporation as possibleness investors, but any assets in Formula One module order CVC's commendation and module requirement to shew that it is in the welfare of the climb and its stakeholders, condemned as a whole."

F1 boss Bernie Ecclestone, who has valued F1 at around $6 billion, maintains that the racing program would not be sold to a media consort because it would limit the sport's knowledge to negotiate broadcasting contracts with another broadcasters.

"CVC don't want to sell, so it's feat to be a taste arduous — I crapper wager CVC in for the daylong haul, absolutely, 100 percent," Ecclestone said Tuesday. "If somebody came along and offered them a lot more money than it's worth, they would apparently feature 'Sit down, let's have a chat.'

"But I get the crisp feeling that's not feat to happen. I can't see why a consort as bounteous as News Corp. requirement to keep hunting for partners. First it was (Mexican medium magnate) Carlos Slim, and now we've a newborn digit (Exor)."

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