The news may leave you astounded but rumor has it that, Formula 1 could experience one of its unexpected overhauls in recent history. If the rumor is to be believed, Formula 1 might find a new buyer, which might surprisingly be Apple Inc. Reports indicate that this tech giant has expressed interest in buying Formula 1 which is the world’s top open-wheeled racing sport as its move into the automotive plans.
Formula 1 blogger, a top racing blogger, has suggested that Apple Inc. is analyzing its proposal of buying the Formula 1 sport. Surprisingly, this report has come at a time when Formula 1 supremo Bernie Ecclestone has revealed that F1 racing series is up for sale at an evaluated price.
F1 is apparently evaluated to be sold at around $8.5 billion
It is no secret that Apple has been developing an all-electric car with self-directed driving capabilities, while production is projected to start in the year 2019. Boss Bernie Ecclestone made it clear in 2015 that the sport is indeed up for sale and would be sold at an evaluated price. Currently, Formula 1 is evaluated at $8.5 billion of which 35% share owned by CVC Capital Partners. Apple has approximately $160 billion net cash; therefore, purchasing the sport is well within the budget of the company.
The acquisition of the sport will help actualize Apple Inc. future automotive objectives
Apple definitely has long term plans and spending $8.5 billion of its approximate $161 billion will not make a dent in its capital. Acquiring the Formula 1 will act as a perfect promotional technique of Apple’s line of products. Moreover, the company will have an opportunity to build relationships with established car brands and manufacturers and promote its upcoming electric car. Then there is the increase in demand for the Apple TV; there is a projected increase in viewership of Apple TV as the company will own the streaming rights of F1 Sport.
While the news seems to be juicier than juice, there is a close observation to when and how the deal materializes!