Saudi Arabia’s sovereign wealth fund considered an attempt to add F1 to its growing portfolio of sports investments. Any potential deal faltered in the early stages as F1’s current owner Liberty Media was not interested in selling. Saudi Arabia’s Public Investment Fund reportedly valued F1 at well over $20 billion, including debt. Bloomberg has reported that the PIF remains interested in the asset and would be a serious bidder if it went up for sale. In recent years, Saudi Arabia has bought into Premier League football club Newcastle United and hosted events in golf and F1. Critics have labeled the efforts as “sportswashing” and an attempt to deflect attention from its human rights record.