Liberty Media has confirmed it has gathered investors and finance to begin its acquisition of Formula 1 with a $1.55 billion payout to former owners CVC Capital Partners.
After announcing its takeover of Formula 1 in September, Liberty Media members officially voted through the plan to raise funds to purchase shares from CVC Capital. A deal has been agreed to buy $1.55 billion at $25 per share to begin its takeover deal worth an estimated $8 billion (£6bn) in total.
Liberty Media also confirmed Third Part investors will own an estimated 26% of F1, with selling shareholders owning an estimated 39%.
The sale is subject to the approval from the FIA and Liberty Media's shareholders, with a vote expected by the latter on the 17th January 2017.
Liberty Media expects the acquisition of Formula 1 to be confirmed by the end of March 2017.
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However, a road block could still lay in wait as the Competition and Markets Authority (CMA) in the United Kingdom may launch an investigation into the buyout sparked up by a breach of anti-competition laws. A decision on whether a full investigation will be launched will be made on 5th January 2017.
The total buyout is estimated to be worth $8bn which includes around $4bn of debt that F1 currently carries. Bernie Ecclestone has remained head of the commercial rights holder, while 21st Century Fox executive vice chairman Chase Carey has come in as the new chairman to replace Peter Brabeck-Letmathe.
"This is a significant step in Liberty Media's transformative acquisition of Formula 1 and is further confirmation that the future of the sport is bright,” Carey said.
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