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FIA wants finer details on F1 takeover

FIA President Jean Todt has welcomed the purchase of Formula One by Liberty Media and wants to build a close partnership with the new owners.
FIA President Jean Todt has welcomed the purchase of Formula One by Liberty Media and wants to build a close partnership with the new owners to understand its plans with the sport.

After Liberty Media confirmed it's a £3.3bn takeover of Delta Topco, the parent company of the Commercial Rights Holder of F1 from CVC Capital Partners, it was confirmed Bernie Ecclestone will remain as chief executive alongside new chairman Chase Carey.

READ: Liberty Media confirms F1 purchase

Liberty Media, who also own several sports and media companies including the Atlanta Braves in Major League Baseball, will initially purchase a minority stake in F1 (estimated at £559m) before a full takeover is given the green light by regulators approving the deal.

Once the full deal is completed, Liberty Media will become the majority shareholder with 35.5% while CVC will retain a 24.7% share.

The total buyout is estimated to be at £6bn which includes the £3.1bn debt F1 current carries.

With Liberty Media aiming to reinvigorate the sport, while it is also considering allowing teams to invest in F1, the FIA is awaiting news on the proposed terms of the deal and is keen to understand the US company's plans for the promotion of the flagship championship.

“While it remains to be seen how this acquisition will influence the promotion of the FIA Formula One championship, we welcome this long-term investment in Formula One by a company that has such a broad portfolio of sports, media and entertainment businesses,” Todt said.

“As motor sport's governing body and regulator we acknowledge Liberty Media's wide expertise in these fields and we look forward to working in close partnership with them in the future in order to further develop Formula One and bring it to new generations of motor sport enthusiasts around the world.”

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