F1 owners ‘reject stunning £16 billion offer from Saudi Arabia 

Formula 1 owners have reportedly rejected a £16billion bid from Saudi Arabia to take over the sport.

The bid is believed to have been made by the Public Investment Fund (PIF).

The current owners of Formula One are Liberty Media.

The media company took over the sport itself in 2017, having completed the purchase for £3.56bn.

However, they have now rejected a bid for the motorsport from the PIF worth £16bn, according to Bloomberg.

The report revealed that an approach was made last year by the PIF, but the negotiations broke down in the early stages.

However, they are believed to remain interested in buying the sport should Liberty Media decide to cash in.

Formula One would be only the latest in Saudi Arabia's sporting ventures.

The PIF took over Newcastle United from Mike Ashley in 2021 and has also hosted some major boxing fights and created the breakaway LIV Golf Tour.

Saudi club Al-Nassr recently signed Cristiano Ronaldo in a £175million-a-year deal.

The Saudi Arabia Grand Prix has been criticised by fans of the sport as they accused of 'sport washing' since it was added to the calendar in 2021.

The term is used to describe the use of sports by individuals, groups, corporations, or governments as a practice to improve reputations tarnished by wrongdoing.