Rupert Murdoch has his eyes on Formula One. His News Corp media empire has made its first noises about how it might gain control of motor racing, probably the most high-profile and lucrative sporting property outside its grasp.

News of what are called "embryonic" talks with potential investors, including Carlos Slim, the world's richest man, coincides with the 20th anniversary of Sky Sports.

Sky's interest in motor sport has been largely confined to speedway, while in 2009 the BBC secured the rights to broadcast the global drama of F1 for the following five years.

But beyond 2013, Murdoch senses opportunities. News Corp refused to "comment on speculation" but company sources acknowledged F1 was an "interesting business".

The news comes at a sensitive time. News Corp is still acquiring the 61 per cent of shares in British pay TV broadcaster BSkyB that it doesn't yet own. Culture Secretary Jeremy Hunt has recommended regulatory approval of the bid after comment that News Corp is too dominant in the British media, and its interest in F1 will remind BSkyB shareholders of the value of the broadcaster.

News Corp is offering £8 billion ($16.4 billion) for their shares.

James Murdoch, non-executive chairman and former head of BSkyB, was relocated to New York to become No 3 in his father's empire and is said to be involved in discussions with potential partners in acquiring F1.

The idea that News Corp would buy F1 was dismissed by Bernie Ecclestone, developer of the international network of Grand Prix races.

"It's rubbish. The sport's not for sale," he said. "Anyway, we wouldn't sell to a media company because it would restrict the ability to negotiate with other broadcasters."

But F1 isn't his to sell. The real owners of the business are private equity group CVC Capital Partners, who paid £1.5 billion for F1 in 2005. And the Concorde Agreement, through which F1's governing body and its motor-racing teams negotiate the sport's commercial deals, is due for renewal at the end of 2012. News Corp has not approached CVC.

But News Corp could be just what F1 needs to attract a younger audience by exploiting social media.

- INDEPENDENT

By Ian Burrell