Wednesday, 18 January 2017

F1 Takeover - Sky Sports: Liberty Media's F1 takeover unanimously approved by FIA

Story from Sky Sports:

The takeover of Formula 1 is nearing completion after the FIA approved Liberty Media's purchase of the sport.

In a meeting of the World Motor Sport Council in Geneva on Wednesday, F1's governing body unanimously voted through the US media company's company's takeover.

Representatives from Liberty made "a detailed presentation of their strategy" for the sport with WMSC members describing F1's prospective new owners as "clearly well positioned to ensure the continued development" of F1.

"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," an FIA statement read.

The news comes a day after Liberty Media shareholders agreed to proposals related to the £6 billion takeover and a change of name to the Formula One Group.

Liberty Media bought an initial 18.7 per cent stake in the sport in September and since then have been working to clear the relevant hurdles in order to take a controlling stake in F1.

In December, Liberty received the required approvals from anti-trust authorities for the deal to go ahead.

The company now expects to complete the takeover by the end of January.

©2017 Sky.