Liberty Media Buys Formula 1
It’s been a deal which has been spoken about widely in the media and in the paddock however Formula 1 bosses have been keeping rather quiet with the deal.
Even Bernie Ecclestone avoided the questioning when asked about the situation before the Italian Grand Prix and considering that the deal had been signed and settled just a few hours later.
Here’s what we know so far!
This is the first time that the sport, Formula 1, will be changing hands in over a decade. The last deal was done in 2005 when CVC Capital Partners took over with their controlling stake.
The deal is a £6bn takeover by Liberty Media, Liberty Media is a US firm which is backed by the American Tycoon John Malone.
Who is Chase Carey? – he is a director of Sky plc, the owner of Sky News and is also on the board of Rupert Murdoch’s 21st Century Fox – he has now been named as chairman.
It has been confirmed that Bernie Ecclestone will remain a part of Formula 1 – he will remain in his role throughout the ‘transitional period‘ which will last for at least several years. Many reports suggesting he will be a part for the next 3 years.
After the announcement was made the new chairman, Chase Carey said the following – “I greatly admire Formula 1 as a global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world. I see a great opportunity to help Formula One develop and prosper for the benefit of the sport, the fans, the teams and investors alike.“
Bernie Ecclestone said the following after the deal had been done – “I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them.“
More to come soon!
The Formula 1 Girl 🙂
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