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merican media company Liberty Media is taking control of Formula One, following a £5.9 billion deal with the sport’s parent company Delta Topco.
A statement, released by Liberty Media, confirmed that it would be taking an 18.7 per cent stake in the company, in conjunction with majority shareholders CVC. The stake is worth £559 million, with the entire process due to be completed in time for the 2017 season.
Delta Topco currently owns Formula One, with the primary stake in the company held by investors CVC Capital Partners. With these recent changes, Liberty Media will have full control of the sport.
Liberty Media will pay £3.29 billion in equity value, while also undertaking F1’s current debt of £3.07 billion.
After the move, Liberty Media Group will be renamed as the Formula One Group. Chase Carey will take position as the Chairman of Formula One, while current chief executive Bernie Eccelestone will retain his current position.
Carey said: “I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media Team.
“I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike.”
Many of the current Formula One teams have shown their interest in continuing their investment in the sport, making this clear before the contractual details are finalised next season.
Current CEO Bernie Ecclestone said: “I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them.”
Liberty Media take over – Five Key Points
1. Chase Carey is currently the executive vice president of 21st Century Fox
2. Bernie Ecclestone still holds all of the commercial rights to F1
3. Despite the change, Formula One will still be based in London
4. Teams will be given the chance to invest in Formula One
5. Chase Carey succeed Peter Brabeck-Letmahe, who will remain F1’s non-executive officer
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