Formula One Takeover Agreed

US media giant has started the process of acquiring the stake in the sport current owned by CVC; Bernie Ecclestone to remain as CEO728

 

The takeover of Formula One by the Liberty Media Corporation has been confirmed, and F1 tsar Bernie Ecclestone will remain as chief executive officer for the foreseeable future.

Liberty Media, which owns interests in a range of media, communications and entertainment businesses, has agreed to buy the stake in F1 owned by private equity company CVC Capital Partners, the current majority shareholder. The overall value of the deal is put at about £6bn, although this includes various debt and cash reserves.

Liberty Media will acquire 100% of the shares of Delta Topco, the parent company of Formula One, and has purchased 18.7% of Formula One itself, the latter costing about £560m and paid for in cash.

The acquisition is expected to be completed in the sprint of 2017 and is dependent on certain conditions being met, such as the Fédération Internationale de l’Automobile, the governing body of Formula One, approving the deal.

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