The World Motorsport Council gathered in Geneva today for an extraordinary meeting to discuss the potential takeover of Formula One by the Liberty Media Corporation. Two statements released after the meeting reveal that the acquisition has the approval of everyone involved, with CVC transferring their entire shareholding to the new owners Liberty Media Corporation.
Liberty had already bought just over 18% of the shareholding in the sport back in September, which is when we first saw Chairman Chase Carey in the paddock. They’ve been working on the rest of the finer details since then and have finally sealed the deal.
The Liberty Media statement simply says every demand and every stakeholder has been satisfied, and that the acquisition should be completed by the time the season gets underway. Meanwhile, the FIA’s press release says: “The FIA looks forward to working with the new owners of the Formula One Group on further developing the unrivalled global spectacle that is the FIA Formula One World Championship.”
Filed under F1Minute
References Liberty Media Corporation
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