Company Liberty Media announced the completion of the deal to buy out the commercial rights of Formula 1, which is estimated at eight billion US dollars.
Initially, in September 2016, Liberty Media acquired 18.7% of the shares of Delta Topco – the company which technically owns F1, and now have issued a ransom of 100%.
Prior to this, Liberty has received the appropriate permits from private shareholders and the FIA.
The FIA has approved the sale of the commercial rights of F1 Liberty Media
The company also confirmed the departure of Bernie Ecclestone, and as Executive Director of F1 is chase Carey. In turn, the 86-year-old Ecclestone received the title of honorary President of F1.
Bernie Ecclestone I don’t run a Formula 1
Greg Maffei – President and CEO Liberty Media Corporation: “We are pleased to announce the completion of the acquisition of F1 and that the business will be headed by chase. Sport has an incredible prospect for growth, and we are confident that chase can handle the job.
In addition, I would like to thank Bernie Ecclestone, who became the honorary President of the F1, for his enormous contribution in the construction of this successful global sport.”
Chase Carey – President and CEO of F1: “F1 has a huge potential of unused opportunities. I heard a lot of ideas from fans, teams, FIA, promoters and sponsors on the development of the sport. We will work with everyone to gain racing experience and to bring the sport to a new level.
In addition, I would like to point out Bernie for his leadership for decades. The sport has become what it is now thanks to him and a talented management team. He will always be part of the family F1″.
Bernie Ecclestone the honorary President of F1: “I’m proud of the business that has been built over the last 40 years. Also I am pleased with what has been achieved with F1. I would like to thank all the sponsors, teams, promoters and television companies, with whom I worked.
I am glad that the business was bought by Liberty Media, which wants to invest in the future of F1. I’m sure chase will cope with its new role and this will reflect positively on the sport.”
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