Italy-based investment firm Exor has announced that it is working with international media group News Corporation on a potential bid to take control of Formula One motor racing.

In a statement, Exor said that it had partnered with the Rupert Murdoch-owned company to explore the possibility of establishing a consortium to buy out current owner CVC. "Exor and News Corporation will approach potential minority partners and key stakeholders in the sport," said an Exor spokesperson. "There can be no certainty that this will lead to an approach to Formula One's current owners."

However, a CVC spokesperson responded: "CVC can confirm that it has recently received an approach from the Exor News Corporation consortium. "CVC recognises the quality of Exor and News Corporation as potential investors,but any investment in Formula 1 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."