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Formula 1 Motor Racing Bought by Liberty Media: Latest Details and Reaction
Published: September 7, 2016
Sky News reported on Wednesday the deal was worth a sum of $8 billion (£6 billion), although BBC Sports' Dan Roan revealed only a partial stake would be sold at first:
Current owner Bernie Ecclestone has played an executive role at the top level of Formula One for more than 40 years, having ascended into a chief position in the early 1970s.
However, the business mogul may not be an absent figure altogether. The Daily Mail's Jonathan McEvoy reported Ecclestone has been offered a new role to remain with Formula One in some capacity.
The 85-year-old said: "I have been offered a contract to stay and help them. It's whether I want to do that. We'll see."
Sky Sports News HQ provided more background on the deal, as well as further detail regarding Ecclestone's sustained role within Formula One:
Liberty Media Corporation is set to claim a controlling stake in the company from CVC Capital Partners, who have owned a majority share since taking over in 2005.
Roan also provided a statement from Chase Carey, vice-chairman of 21st Century Fox and chairman of Liberty Media Group—a subset of Liberty Media Corporation—as well as Ecclestone and CVC:
According to Bloomberg's Eric Pfanner, CVC will own a 65 percent stake in Liberty Media Group after the transaction, at which point it will be renamed Formula One Group.
The Yorkshire Post's James Mitchinson argued there's little value to the deal, however:
Liberty is backed by John Malone, referred to by Sky News as an "American media tycoon" who boasts an estimated wealth of $7.1 billion (£5.3 million), according t...
Article Source: Bleacher Report - Formula 1
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