Liberty Media buy F1 as teams ‘can invest’
American mass media company, Liberty Media, has completed the agreement of sale for Formula 1 from a consortium of sellers led by CVC Capital Partners.
Liberty Media will acquire 100% of the Formula 1’s parent company’s shares, Delta Topco, with the sale subject to ‘satisfaction of conditions’ while the initial sale will be for an 18.7% minority stake, valued at $746 million.
“We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula 1 and benefit fans, teams and our shareholders,” said president and chief executive officer of Liberty Media, Greg Maffei.
Liberty Media have announced that Formula 1 teams will be given the opportunity to ‘participate in the investment’ with some teams already interested in taking part.
Chase Carey has been named as the new chairman of Formula 1, “I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike,” he said.
Bernie Ecclestone will remain on as chief executive officer of Formula 1 however he claims he will be staying on three years following the take over.