Rumors "are circulating that Apple could be about to buy a major stake in Formula 1," according to Sam Shead of BUSINESS INSIDER. Notable F1 blogger Joe Saward wrote on Wednesday that "a new round of due diligence is currently underway in preparation of a possible F1 bid from Apple." He wrote, "The whisper is that the latest bidder is Apple Inc., which is a company with $161 billion in net cash at the moment." There is "no solid evidence" to support these rumors, but it is "easy to see" why they have come about. In addition to "a huge pile of cash, Apple also has a car in development, and a TV platform in need of content." Apple's car project, nicknamed "Project Titan," would "likely benefit from access to car makers and top-tier teams like Ferrari and McLaren." Meanwhile, Apple TV, "which has struggled to attract the masses, could get exclusive digital content rights to F1 coverage." Apple also "needs to invest its cash in foreign territories in order to avoid taking a tax hit" if it were otherwise repatriated to the U.S. Apple and the Formula One Group "did not immediately respond" to requests for comment (BUSINESS INSIDER, 7/14).
