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FIA gives green light to Liberty Media takeover of F1

Liberty Media's takeover of Formula 1 has been backed by the FIA in a unanimous vote by the World Motor Sport Council which met in Geneva.
Liberty Media's takeover of Formula 1 has been backed by the FIA in a unanimous vote by the World Motor Sport Council which met in Geneva.

One day after Liberty Media shareholders voted through the takeover process of the commercial rights of Formula 1 in the USA, the FIA has also given the nod for the buyout from CVC to Liberty Media.

Representatives from Liberty Media gave a presentation to senior FIA officials at the WSMC meeting to clear up any questions surrounding the American's groups plans and the decision was voted through unanimously, as confirmed by a statement from the FIA.

"Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term,” the statement read. "The World Motor Sport Council's decision confirms the FIA's belief that Liberty, as a renowned media organisation with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle Championship.

"The FIA holds a one per cent shareholding in Delta Topco. As part of the sale by CVC to Liberty Media Corporation, and in line with the agreements between the FIA and the Formula One Group, the FIA will be dragged along in the sale process under the same conditions as CVC and all the other shareholders.

"The FIA looks forward to working with the new owners of the Formula One Group on further developing the unrivalled global spectacle that is the FIA Formula One World Championship for all stakeholders."

Get ready for the new season: 2017 F1 team and car launch dates

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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Taz

January 18, 2017 7:16 PM
Last Edited 14 days ago

An FOM shareholder (Jean Todt) gives Liberty media the green light as head of F1 governance to take over F1 from FOM. Nothing to see here...move along :rolleyes:



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