At today’s extraordinary meeting of the world Council of Motorsport FIA approved the sale of the commercial rights of F1 media Corporation Liberty Media.
Liberty Media acquired an initial stake of 18.7% of F1 parent company Delta Topco, and then expressed its intention to acquire 100 percent of the shares.
On Tuesday, Liberty Media has received approval from its own shareholders, and now, the final consent was obtained from the FIA.
“During the meeting, representatives of the new owner elaborated on his strategy, said in a statement issued by the world Council of Motorsport. Members of the Council were able to ask questions about the specifics of the agreement, cooperation with the FIA and plans for Liberty.
Liberty, the FIA and Formula One Group intend to cooperate in order to ensure the continued success and development of the world championship F1 in the long term.
The decision of the world Council of Motorsport FIA confirms faith in Liberty Media, as an organization that has experience in the sports and entertainment segments. This will certainly contribute to further development of the world championship F1.
The FIA will be one percent of the shares in Delta Topco. As part of the transaction between the current owner of the commercial rights of F1 by CVC and Liberty Media, and in accordance with agreements between the FIA and the F1 Group of companies, the FIA will be involved in the sales process on the same conditions as CVC and other shareholders.
The FIA looks forward to working with the new owners of the Formula One Group to further the development of F1″.
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