The FIA (Fédération Internationale de l’Automobile)has approved the sale of Formula One’s commercial rights to American company Liberty Media.
The American mass media firm was earlier given the green light to accomplish its purchase of the sport at a meeting of its shareholders. Moreover, it is reported a whopping £6.4bn takeover has been approved by F1’s governing committee.
Liberty’s acquisition could now be obtained by March. Further, the buyout will see the private equity firm CVC sell its 35.5% share of Formula one. In fact, Liberty Media already holds a 19.1% stake in the F1 business.
VC of 21st Century Fox media conglomerate Chase Carey was announced last year as the F1’s new chairman. However, Bernie Ecclestone, the 86-year-old who has reigned over F1 for 40 years, remained as chief executive.
Under Liberty’s incorporation Formula One could undergo a massive makeover. Consequently, Formula 1 will be hopeful of having a greater impact in America, a country which it has so far struggled to break in.
The American businessman John Malone, Liberty Media’s 75-year-old chairman, earned the nickname Darth Vader for his unshakable attitude. He has built up a cable media empire within and far beyond the US.
Further, Liberty owns Virgin Media and also has a significant share of the Discovery Communications group.
With American media on board, it would be hell lot interesting when the new Formula One season kick starts in Melbourne on 26 March.