FIA calls WMSC meeting as Liberty’s F1 takeover edges closer

As previously reported, Liberty Media's shareholders are to vote on January 17 on proposals to push through with its planned purchase of F1 and the renaming of its company to the Formula One Group.

Now it has emerged that the FIA has called an extraordinary meeting of its WMSC members for the day after the Liberty gathering (January 18), to be briefed on the plans.

The gathering will likely be a precursor to the FIA giving its required blessing to the Liberty takeover.

The American media company already has a 19.1 percent stake in the F1 company and, in December, it announced that it had raised a further $1.55 billion from investors to help increase the cash portion of its shareholding in F1.

Anti-trust approval

Shortly before Christmas, Liberty announced that it had cleared one of its last remaining hurdles, with approval having been given from the appropriate anti-trust authorities in relation to its purchase of F1.

It said at the time that the shareholder gathering and FIA approval were all that was needed for the matter to be completed.

A statement said: "Closing of the acquisition remains conditioned upon approval by Liberty Media's stockholders of the issuance of LMCK shares in connection with the acquisition at a special meeting scheduled for Jan. 17, 2017 and approval from the Federation Internationale de l'Automobile, the governing body of Formula 1.

"The acquisition is still expected to close before the end of the first quarter in 2017."

The WMSC meeting will also come one day after F1's Strategy Group – which includes Mercedes, Ferrari, Red Bull, McLaren, Williams and Force India – and F1 Commission gather to discuss potential rule changes for 2017 and beyond.