F1 takeover by Liberty Media approved by FIA World Motor Sport Council

Liberty Media's purchase of Formula 1 has received unanimous approval from members of the FIA World Motor Sport Council, paving the way for the deal to be completed

F1 takeover by Liberty Media approved by FIA World Motor Sport Council

The deal results in the transfer of 100% of the shares in Delta Topco, F1's parent company, to Liberty Media Group.

The prospective new owner, which will be renamed Formula One Group, made a detailed presentation of its strategy at the meeting.

Members were then given the opportunity to ask questions about the agreement, the working relationship with the FIA and the company's plans for F1.

An FIA statement said: "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 World Motor Sport Council's decision confirms the FIA's belief that Liberty, as a renowned media organisation with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle championship.

"The FIA holds a one per cent shareholding in Delta Topco [Formula 1's parent company].

"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.

"The FIA looks forward to working with the new owners of the Formula One Group on further developing the unrivalled global spectacle that is the FIA Formula One World Championship for all stakeholders."

Liberty hopes the acquisition will close before the end of the month.

shares
comments
Pirelli granted extra F1 pre-season wet weather test

Previous article

Pirelli granted extra F1 pre-season wet weather test

Next article

Will F1's 2017 rule changes improve racing?

Will F1's 2017 rule changes improve racing?
Load comments
The unexpected benefit of F1’s sprint race repeat Plus

The unexpected benefit of F1’s sprint race repeat

OPINION: Formula 1's sprint race trial at Silverstone drew mixed feedback on Saturday, but there remained the true test of how it would impact Sunday's Grand Prix. While fans were busy marvelling at Fernando Alonso's progress, a key lesson was being learned that would directly contribute to the dramatic lap one clash at Copse the following day

Formula 1
Jul 22, 2021
The off-track considerations that led to F1’s Hamilton/Verstappen Silverstone shunt Plus

The off-track considerations that led to F1’s Hamilton/Verstappen Silverstone shunt

OPINION: Formula 1’s 2021 title fight turned ugly last weekend when Max Verstappen and Lewis Hamilton collided at the start of the British Grand Prix. Verstappen thankfully walked away unharmed, but this had been a clash long-since coming

Formula 1
Jul 21, 2021
Will 2022's all-new cars look like F1's concept model? Plus

Will 2022's all-new cars look like F1's concept model?

Formula 1 provided its clearest example yet of what the 2022 cars are set to look like when it presented a full-scale concept to the world during the build-up to last weekend’s British Grand Prix. Underneath the special shiny livery was a design that hinted at the future, but teams will be digging into key areas that may reap differing results

Formula 1
Jul 20, 2021
British Grand Prix Driver Ratings Plus

British Grand Prix Driver Ratings

The 2021 British Grand Prix will live long in the memory for the dramatic clash between Formula 1's two title protagonists, which opened the door for other drivers to capitalise. One did so in spectacular fashion, while others fluffed their lines

Formula 1
Jul 19, 2021
How Leclerc almost defied Hamilton after F1 title rivals’ Silverstone clash Plus

How Leclerc almost defied Hamilton after F1 title rivals’ Silverstone clash

A poor start for Valtteri Bottas and the lap one clash between Formula 1's 2021 title protagonists gave Charles Leclerc a surprise lead in the British Grand Prix that he almost held to the end. Here's how the Ferrari driver came close to a famous victory, ultimately denied by a recovering Lewis Hamilton three laps from home

Formula 1
Jul 19, 2021
The signs that suggest Mercedes can win the Silverstone F1 race Plus

The signs that suggest Mercedes can win the Silverstone F1 race

Red Bull and Max Verstappen scored an early blow against Lewis Hamilton and Mercedes at Silverstone, with sprint qualifying race victory. But that doesn’t mean Sunday’s grand prix is a foregone conclusion. Although Verstappen starts as the favourite, here’s why Mercedes still holds hope of winning

Formula 1
Jul 18, 2021
Uncovering Silverstone's engineering secrets for F1 success Plus

Uncovering Silverstone's engineering secrets for F1 success

Formula 1 returns to Silverstone this weekend, but despite its familiarity to all the teams it is no picnic. Here are five of the key points for engineers to consider prior to the British Grand Prix

Formula 1
Jul 16, 2021
The changing faces of F1’s British GP conquerors Plus

The changing faces of F1’s British GP conquerors

The British Grand Prix is where the world championship began in 1950. STUART CODLING looks at six of Formula 1's era-defining cars which have all scored memorable victories in its original race

Formula 1
Jul 15, 2021