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.

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