French automotive group Cosmobilis is in talks to buy the commercial rights to the World Rally Championship (WRC), two people familiar with the matter told Reuters.
Cosmobilis moved ahead after an auction for Munich-based WRC Promoter was held by existing rights holders Red Bull and German investment firm KW25 earlier this year, the people said, News.Az reports, citing Reuters.
If negotiations and financing are concluded successfully, a deal could be announced in the summer, one person said.
The sources, who asked not to be named because the matter is confidential, said there remained a chance of no deal.
A Cosmobilis spokesperson declined to comment. WRC, Red Bull and KW25 did not reply to requests for comment.
The likely price for WRC Promoter is expected to be less than 500 million euros ($585 million), one person said.
Eric Boullier, co-founder and CEO of Cosmobilis' Circle unit, is leading the bid, the people said. Boullier, who did not respond to requests for comment, was previously Lotus Formula One -- now Renault-owned Alpine -- principal and was racing director of McLaren from 2014 to 2018.
Motorsport's governing body, the International Automobile Federation (FIA), announced last year a tender process to replace Red Bull and German investment company KW25 as commercial rights holders of the World Rally Championship after Reuters reported preparations for a sale. FIA did not respond to a request for comment on Friday.
The WRC races on four different continents with 14 rounds this year. Its reigning champion is France's Sebastien Ogier. Since 2022, WRC Promoter has also organised the European Championship and the Rallycross Championship.
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