US Media Firm To Buy Formula 1 For $4.4bn
Formula 1

US Media Firm To Buy Formula 1 For $4.4bn

US firm Liberty Media has confirmed it is buying the racing business Formula 1 for $4.4bn (£3.3bn) which ends years of speculation about the ownership of the company.

Bernie Ecclestone will remain as chief executive but Chase Carey, vice-chairman of 21st Century Fox, will become the new chairman.

Liberty Media has stakes in several sports and entertainment businesses, including the Atlanta Braves Major League Baseball club.

Owned by the billionaire John Malone, Liberty will initially purchase a minority stake in the world’s leading motor-racing championship. A full takeover is planned if regulators approve the deal.

The total transaction values the firm at $8bn but includes $4.1bn worth of F1’s debt.

Liberty Media is buying the stake from the private equity firm CVC Capital.

CVC has held a stake for the past decade but sold some of its holding in 2012.

It has been criticised for taking considerable profits from the sport, which has suffered from falling TV ratings in recent years.

Click to comment

Kindly leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read Posts

To Top
$(window).load(function() { // The slider being synced must be initialized first $('.post-gallery-bot').flexslider({ animation: "slide", controlNav: false, animationLoop: true, slideshow: false, itemWidth: 80, itemMargin: 10, asNavFor: '.post-gallery-top' });$('.post-gallery-top').flexslider({ animation: "fade", controlNav: false, animationLoop: true, slideshow: false, prevText: "<", nextText: ">", sync: ".post-gallery-bot" }); });});
%d bloggers like this: