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Looks Like Apple Might Be Buying Formula One

Story from: 2oceansvibe.com

Apple are not short of cash, that we all know, but we’ve always thought they were investing most of it in futuristic endeavours like robots.

Well there’s a new rumour doing the rounds, and it appears it may not be completely unfounded. The rumours started Tuesday, a respected Formula One reporter saying he had heard “whispers” that the sport was undergoing a due diligence process that could lead to a sale.

Joe Saward also mentioned that Apple was rumoured to be the buyer, and although everyone is remaining mum on the issue it shouldn’t be written off.

Below from Fortune:

Saward is one of the foremost reporters in the Formula One market and it’s well-known that Apple has at least taken a liking to cars. It also has the cash to acquire a company that’s been up for sale for the last year, and Saward himself has thought it odd that Formula One won’t just deny the reports.

He pointed to three key components that could make the deal make sense. For one, Apple is working on a car—something Tesla founder Elon Musk has called the “worst-kept secret” in Silicon Valley—and Apple might want to connect its name to a well-known and highly respected auto brand. What’s more, he says, Apple has more than enough cash to buy what could be a company worth somewhere around $8 billion. Finally, he believes the purchase could help sales of the Apple TV…

Apple owning the franchise and offering it as part of a television package that would run on its Apple TV could make some sense and, like Saward says, help Apple TV sales.

As always, it’s all about the money. Some estimate that purchasing Formula One would cost around $8 billion, or as Apple call it ‘small change’.

I wouldn’t say this is an acquisition that anyone believes is close to happening, but we know Apple have the financial clout to do as they please.

I guess only time will tell.

[source:fortune]

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