Liberty Media has confirmed it has received all required antitrust approvals in connection with its pending acquisition of Formula One.

The American firm confirmed its purchase of the sport back in September, with news earlier this week that it had gathered investors and finance to begin a $1.55 billion payout to former owners CVC Capital Partners.

The takeover, which will cost an estimated $8 billion (?6bn) in total, is still subject to approval from the FIA and Liberty Media's shareholders, with a vote by latter due to take place next month.

The statement released by Liberty on Friday read:

"Liberty Media Corporation ("Liberty Media") announced today that it has received all required approvals from all appropriate anti-trust authorities in connection with its pending acquisition of Formula 1 (the "Acquisition").

"Closing of the Acquisition remains conditioned upon (i) approval by Liberty Media's stockholders of the issuance of LMCK shares in connection with the Acquisition at a special meeting scheduled for January 17, 2017 and (ii) approval from the F?d?ration Internationale de l'Automobile, the governing body of Formula 1.

"The acquisition is still expected to close before the end of the first quarter in 2017."


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