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Liberty Media set to receive F1 sale approval

Liberty Media's shareholders will vote on whether to allow the $8bn purchase of the Formula 1 franchise to go through.
Liberty Media's plans to complete the purchase of the Formula 1 franchise will take a definitive step over the next couple of days as it seeks approval from both its shareholders and the World Motor Sport Council.

Liberty Media agreed terms to purchase the sport from CVC in September 2016 in a deal understood to be worth more than $8 billion, though full completion is still a couple of months away.

In the meantime, the sale will go to the Liberty Media Corporation shareholders, who are expected to give it the green light, before the World Motor Sport Council convenes on 18th January [Wednesday] to vote on the changes. It is also expected to pose no opposition to the deal.

Liberty Media – owned by billionaire John Malone - is expected to adopt a watching brief during the initial months of taking control in an effort to better understand the sport, but it has already hinted at its grand plans to widen the sport's reach.

With Chase Carey installed as F1 chairman, Liberty Media is reportedly considering expanding the calendar to up to 25 races a year, with a focus on American and Asian markets, while its expertise in media is expected to herald a shake-up in how the sport is consumed and promoted.

Bernie Ecclestone remains in charge of the running the sport directly, though the sale is being seen as first indications of F1's plans when the 86 year-old retires.



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