Pirelli to manufacture tyres in Saudi Arabia - GRAND PRIX 247

PIF, Saudi Arabia’s $700-Billion sovereign wealth fund, will hold a 75% stake in the new JV, with Pirelli holding the remaining 25% and providing the technical and commercial support for the development of the project, the two groups said.

Reports back in January claimed that the PIF was targeting to buy Formula 1 from commercial rights holders Liberty Media and planning to pay up to $20-Billion.