FIA approves F1’s sale to Liberty Media

FIA approves F1’s sale to Liberty Media

1191
0
SHARE
Belgian Grand prix, start, F1, FIA
the start of the Belgian Grand prix in 2016 / Source: ATP

FIA’s World Motor Sport Council unanimously approved the change of control of Delta Topco.

Delta Topco is the holding company of the Formula One Group. Thus it is the owner of the Commercial Rights of the F1 Championship. CVC Capital Partners sold its controlling share to Liberty Media Corporation.

The federation’s statement says:

“The transaction will see the transfer of 100% of the shares in Delta Topco to Liberty Media Group, one of the tracking stocks of Liberty Media Corporation.

During the meeting, the representatives of the prospective new owner made a detailed presentation of their strategy. The members of the World Motor Sport Council then had the opportunity to ask questions about the specifics of the agreement, the ongoing working relationship with the FIA and Liberty’s plans for the sport.

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 decision confirmed the FIA’s belief that Liberty is in a good position to ensure the development of the federation’s 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.”

In the end of the statement FIA pointed it looks forward to working with F1’s new owners.

A day earlier Liberty’s shareholders approved the corporation’s purchase of F1’s controlling interest. After FIA’s decision the company expects to complete the takeover until the end of January. Bernie Ecclestone will continue to run the sport, while Liberty determines its management structure.

LEAVE A REPLY