FIA approves sale of F1 to Liberty Media

Liberty Media's takeover of Formula 1 was voted through unanimously by the FIA during an extraordinary meeting of the World Motor Sport Council in Geneva on Wednesday.

FIA approves sale of F1 to Liberty Media
Chase Carey, Formula One Group Chairman with Bernie Ecclestone and Christian Horner, Red Bull Racing Team Principal
Bernie Ecclestone
F1 and Malaysian flags
F1 and German flags
Bernie Ecclestone, with Chase Carey, Formula One Group Chairman and Flavio Briatore

Just one day after Liberty's shareholders met to approve its plans to take a controlling interest in F1, the FIA's senior members got together to evaluate the proposal.

At the WMSC gathering, representatives of Liberty made a presentation about their plans for F1 and answered questions from members about the potential implications of the company taking 100 percent of the shares in the sport's parent company Delta Topco.

A vote was taken by WMSC members about whether they supported the takeover, and there was unanimous approval for the change.

A statement issued by the FIA said: "Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term.

"The World Motor Sport Council's decision confirms the FIA's belief that Liberty, as a renowned media organisation with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle Championship.

"The FIA holds a one per cent shareholding in Delta Topco. As part of the sale by CVC to Liberty Media Corporation, and in line with the agreements between the FIA and the Formula One Group, the FIA will be dragged along in the sale process under the same conditions as CVC and all the other shareholders.

"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 for all stakeholders."

With the FIA backing being the last major hurdle for Liberty, the company plans to complete its takeover of F1 before the end of this month.

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