Liberty Media's plan to takeover Formula 1 has pressed forward with the approval of the proposed bid by shareholders in the US.

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.

The American group's shareholders have now given the deal the green light in an investment estimated to be $1.55 billion to increase its shareholding in F1.

In a statement from a stockholder meeting in the US, the Liberty Media group confirmed: "The holders of its common stock entitled to vote approved a proposal relating to the issuance of shares of Series C Liberty Media in connection with its pending acquisition of Formula 1 and a proposal relating to the adoption of the amendment and restatement of Liberty Media's restated certificate of incorporation to effect the name change of the "Media Group" and the "Liberty Media Common Stock" to the "Formula One Group" and the "Liberty Formula One Common Stock," respectively."

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The next stage in the takeover deal will take place today [Wednesday 18th January] when the World Motor Sport Council meets to vote on the changes. It is also expected to pose no opposition to the deal.

Liberty Media billionaire owner John Malone is expected to keep an eye on the sport during the initial months of taking control in an effort to better understanding, but it has already hinted at its grand plans to widen the sport's reach.

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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