* To talk to potential partners, main players involved
* No certainty will make a proposal to F1 owners
* No comment from Ferrari
(Adds background, Ferrari no comment)
MILAN, May 3 U.S. media group News Corp
(NWSA.O) and Italian financial holding Exor (EXOR.MI), which
controls Ferrari through carmaker Fiat FIA.MI, are teaming up
to explore options on how to run Formula One motor racing.
Formula One, which runs its races across the world, is
owned by private equity firm CVC and managed by the sport's
long-time supremo Bernie Ecclestone, who is 80 years old.
Exor and News Corp "confirm they are in the early stages of
exploring the possibility of creating a consortium with a view
to formulating a long-term plan for the development of Formula
One," the two companies said on Tuesday in a joint statement.
In the next few weeks, Exor and News Corp said they planned
to talk to potential minority partners and the main operators
involved, adding there is no certainty a proposal will be made
to the current owners of Formula One.
The Turin-based Exor is the Agnelli family holding and
apart from its 30 percent stake in Fiat owns the northern
Italian city's Juventus Football Club (JUVE.MI).
Fiat's unit Ferrari, which also produces luxury sports cars
for the road, declined to comment on the News/Exor project.
A bid by News Corp media group to take control of Formula
One has clear logic even if it would face many challenges to
secure the backing of the sport's high profile players. For a
DEALTALK click on [ID:nLDE73J0TJ]
Analysts say that big manufacturers and advertisers
traditionally prefer the sport shown on free-to-air channels as
they have bigger potential audiences, as opposed to News Corp's
BSkyB BSY.L and Sky Italia pay TV.
In April, a source told Reuters that News Corp had early
talks with Mexican billionaire Carlos Slim about forming a
consortium to acquire control of Formula One.
A spokesman for Carlos Slim was not immediately available
"This is a project in early stage form. The main point is
that Exor and News Corp will be co-leads in a project exploring
options on how to run Formula One," a source close to the
situation had told Reuters earlier on Tuesday.
Last month, Ecclestone said News Corp's Rupert Murdoch had
a "close to zero" chance of buying Formula One.
(Reporting by Lisa Jucca; additional reporting by Cyntia
Barrera Diaz in Mexico City; Writing by Nigel Tutt, editing by