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Although there had been concern in certain quarters of the Formula 1 paddock over a distinct lack of action from Liberty Media Corporation after the media giant in September acquired its first tranche of shares in the championship's ultimate commercial rights holding-entity Delta Topco - some suggest this is down to chairman Chase Carey "feeling his way about what Liberty bought" - documents seen by Autosport suggest this is certainly not the case, with all being on track for completion of the Second Stock Purchase Agreement by June 30 2017.
Although Carey was appointed chairman of Delta's board on September 7 2016, the Securities and Exchange Commission draft reveals Liberty made initial contact with CVC Capital Partners, majority owner of F1's rights, in September 2013 "to explore a potential strategic transaction involving Formula 1. In connection with such discussions, [LMC] and CVC executed a Confidentiality Agreement on November 1 2013."
Since that date and April 7 2016 the two parties 'met' on numerous occasions - usually via teleconference - to discuss a potential transaction. As part of the deal CVC proposed that certain shareholders sell their shares as part of the transaction, plus have the right to appoint a director to the Liberty Media board. The proposal included renaming of Liberty to 'Formula One Group'.
