The FIA has approved the sale of Formula One’s commercial rights to Liberty Media. The American media organisation was earlier given the green light to complete its purchase of the sport at a meeting of its shareholders. The reported £6.4bn takeover has now been approved by F1’s governing body.
Liberty’s takeover could now be completed by March. The buyout will see the private equity firm CVC sell its 35.5% share of F1. Liberty Media already holds a 19.1% stake in the business.
The American Chase Carey was announced last year as the sport’s new chairman while Bernie Ecclestone, the 86-year-old who has ruled F1 for 40 years, remained as chief executive.
Under Liberty’s takeover Formula One could undergo an enormous facelift and the sport is also hopeful of having a greater impact in America, a country which it has so far struggled to break.
The American businessman John Malone, Liberty Media’s 75-year-old chairman, earned the nickname Darth Vader for his hard-line attitude. He has built up a cable media empire within and far beyond the US.
Liberty owns Virgin Media and also has a large share of the Discovery Communications group, which has the Discovery Channel and Eurosport in its portfolio, and baseball’s Atlanta Braves.
The new Formula One season gets under way in Melbourne on 26 March.