Liberty Media Buys F1

LIBERTY MEDIA TAKES OVER FORMULA 1

    Liberty Media have started the process of buying Formula One.

    Chase Carey has replaced Peter Brabeck-Letmathe as chairman of the company as part of the deal, whilst Bernie Ecclestone will remain as CEO.

    Seven hundred and forty six million dollars. Cash. That’s what Liberty Media paid to Formula One’s current parent company, Delta Topco, for just 18.7% of Formula One, a minority share. That’s only the first part of the deal, though. Liberty Media plans on owning 100% of the company, once it’s satisfied some conditions.

    “I am thrilled to take up the role of Chairman of Formula One, and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team,” said Chase Carey. “I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world. I see great opportunity to help Formula One to develop and prosper for the benefit of the sport, fans, teams and investors alike.”

    When rumours of the deal began to circulate, there was hope among many fans that this would be the end of Bernie Ecclestone, who many blame for Formula One’s faults. The Formula One figurehead will continue as CEO, though. Still, Liberty Media have ensured that things will change, with a focus on improving the social media side of Formula One, which the series has lacked compared to other motorsport series.

    As well of this, Liberty Media has said “The teams will be given the opportunity to participate in the investment in Formula One”. According to the company, some teams have already expressed an interest in this opportunity.

    Change may not be immediate, but Liberty Media’s take over will mark a new chapter in Formula One’s history, one we hope will make fans happy.

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Article Written By: Bethonie Waring
No copyright infringement intended/Quotes from Press Release
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