The Agnelli family has held talks with Rupert Murdoch's News Corporation with regard to making a bid for Formula One's commercial rights.
Exor, an investment company controlled by the Agnellis and with links to FIAT and Ferrari, released a statement confirming the possibility of a bid being made was being explored.
"Exor, one of Europe's largest listed investment companies, and News Corporation, the global media group, confirm that 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 in the interests of the participants and the fans," read the statement.
"Over the coming weeks and months, Exor and News Corporation will approach potential minority partners and key stakeholders in the sport. There can be no certainty that this will lead to an approach to Formula One's current owners."
The current ownership structure of Formula One's commercial rights is complex but the majority is owned by CVC Capital Partners and it is run by Bernie Ecclestone. On Tuesday Ecclestone maintained that a sale was unlikely unless News Corporation and Exor were willing to pay over the odds.
"You would think if somebody wanted to buy it they would approach the people who own it to see if they want to sell it," he was quoted by the Guardian. "Personally, I know CVC don't want to sell, so it's going to be a bit difficult. I can see CVC in for the long haul, absolutely, 100%.
"If somebody came along and offered them a lot more money than it's worth, they would obviously say: 'Sit down, let's have a chat.' But I get the distinct feeling that's not going to happen. I can't understand why a company as big as News Corp need to keep looking for partners. First it was Carlos Slim, and now we've a new one."
CVC, which purchased its holding for £1.8 billion in 2006, confirmed that it has been approached, with Rupert Murdoch's son James the News Corp representative.
"CVC can confirm that it has recently received an approach from the EXOR News Corporation consortium," read 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."
Exor is controlled by the Agnelli family and currently has a 30.45% holding in FIAT as well as several other Italian companies. The Agnellis are famous Italian industrialists who founded FIAT and Gianni Agnelli orchestrated the purchase of Ferrari by FIAT in 1969. John Elkann, the grandson of Gianni Agnelli, is currently the chairman of both FIAT and Exor.
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