Liberty Media Offers £6bn in Formula 1 Deal
Liberty Media Corporation (commonly referred to as Liberty Media or just Liberty) is an American mass media company.
Liberty Media is under Chairman and American tycoon John C. Malone, who owns a majority of the voting shares.
The fast paced racing sport has not had a change of ownership for more than a decade.
Liberty Media Makes a 6 Billion Dollar Deal to Buy Formula One Rights
Liberty Media, an entertainment company has ended years of uncertainty about the ownership of Formula 1 with Wednesday’s deal.
Long-standing commercial chief Bernie Ecclestone will remain the chief executive officer of F1 for now at least.
85-year-old Ecclestone will have to work under a new chairman: Chase Carey, the executive vice chairman of 21st Century Fox.
Formula One has hundreds of millions of fans, and Carey said in a statement that he sees opportunity to develop it.
Europe, Asia, South America and African countries are potential areas for the sport’s fan base to grow but is yet to be embraced by the North American audience.
This would indeed take the competition directly to NASCAR – a Motorsport largely popular in North America.
Liberty said it has initially purchased a minority stake of 18.7 per cent for $746 million.
March 2017 may be the expected time when the buyout may be completed.
F1’s biggest current shareholder, investment fund CVC Capital Partners and the other sellers will still own 65 per cent of Formula One Group stock, and retain board representation.
But CVC, which first invested in F1 in 2005, is ceding control of the sport to Malone’s Liberty, which has all the voting shares.
Emmron is an Urban Design student, freelance writer for Newslibre a Game, Film, Music, Science, Technology and Automotive enthusiast.