Formula One governing body approves Liberty Media takeover

Formula One governing body approves Liberty Media takeover

Formula One governing body approves Liberty Media takeover

Formula : Liberty Media, controlled by U.S. cable mogul John Malone, took control of the sport in September in a deal valued at $8 billion.

London: Formula One`s governing body gave its approval on Wednesday to CVC Capital Partners` sale of the sport`s commercial rights to Liberty Media.

The International Automobile Federation (FIA) said in a statement that its World Motor Sport Council had unanimously approved the change of control at an extraordinary meeting in Geneva.

“Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term,” it said.

Liberty Media, controlled by U.S. cable mogul John Malone, took control of the sport in September in a deal valued at $8 billion.

THE takeover of Formula 1 is nearing completion after the FIA approved Liberty Media’s purchase of the sport.

In a meeting of the World Motor Sport Council in Geneva on Wednesday, F1’s governing body unanimously voted through the US media company’s takeover.

Representatives from Liberty made “a detailed presentation of their strategy” for the sport with WMSC members describing F1’s prospective new owners as “clearly well positioned to ensure the continued development” of F1.

“Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term,” an FIA statement read.

Liberty Media’s Chase Carey, incoming chairman of F1.

The news comes a day after Liberty Media shareholders agreed to proposals related to the £6 billion takeover and a change of name to the Formula One Group.

Liberty Media bought an initial 18.7 per cent stake in the sport in September and since then have been working to clear the relevant hurdles in order to take a controlling stake in F1.

In December, Liberty received the required approvals from anti-trust authorities for the deal to go ahead.

The company now expects to complete the takeover by the end of January.

F1 supremo Bernie Ecclestone with Daniel Ricciardo.

FULL FIA STATEMENT

“During the meeting, the representatives of the prospective new owner made a detailed presentation of their strategy. The members of the World Motor Sport Council then had the opportunity to ask questions about the specifics of the agreement, the ongoing working relationship with the FIA and Liberty’s plans for the sport.

“Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term.

“The World Motor Sport Council’s decision confirms the FIA’s belief that Liberty, as a renowned media organisation with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle Championship.

“The FIA holds a one per cent shareholding in Delta Topco. As part of the sale by CVC to Liberty Media Corporation, and in line with the agreements between the FIA and the Formula One Group, the FIA will be dragged along in the sale process under the same conditions as CVC and all the other shareholders.

“The FIA looks forward to working with the new owners of the Formula One Group on further developing the unrivalled global spectacle that is the FIA Formula One World Championship for all stakeholders.”

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