Shareholders of the American company Liberty Media approved the purchase of the commercial rights of Formula 1.
Initially, Liberty Media announced its intention to acquire Delta Topco – the company which technically owns F1 and bought 18.7% of the shares of the brand, estimated at 8 billion US dollars.
In December, Liberty Media announced that it has agreed about attraction of 1.55 billion from investors who agreed to support the purchase of F1.
However, the company needed to get approval from shareholders. This happened at yesterday’s meeting where it was decided to issue shares of Series C in connection with the acquisition of F1 and rename it “Media Group” and “Liberty Media Common Stock” in the “Formula One Group” and “Liberty Formula One Common Stock,” respectively.
In addition, Liberty is required to receive approval for the deal from the FIA. Today the representatives of the parties will meet at the world Council of FIA Motorsport.
In a statement Liberty said the company expects to complete the purchase of the F1.
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