Liberty Media set to buy a large stake in F1

News

Multiple sources are reporting that Liberty Media will buy a large stake in Formula One in for $8.4 bn (£6.5 million) this week.

If the deal goes ahead this week the 35.5 percent stake currently held by CVC could be transferred to the company that runs the sport could be absorbed in to Liberty Media Group which is listed on the New York Stock Exchange. Some are saying it could lead to Berine Ecclestone leaving.

Others who were interested were Qatar Sports Investments, which owns Paris St-Germain football club; and Stephen Ross, owner of the Miami Dolphins American football team.

Fiat Chrysler’s Chief Executive Sergio Marchionne earlier said the industry as a whole had a vested interest in stability for Formula One. He told the Telegraph “I’ve had this conversation with CVC in the past, I’ve had it with Bernie … I think it’s important that we provide stability and a long-term view. I’m sure that will happen soon.”

Liberty’s owner John Malone may want other people in charge of the sport, Ecclestone has insisted that the future is in his hands. The Financial Times has reported that Chase Carey, the executive vice-chairman of 21st Century Fox, would become chairman of F1.

Yesterday Ecclestone met with CVC co-chairman Donald  Mackenzie and Daimler chief executive Dieter Zetsche, whose company owns the Mercedes team. CVC have been condemned for taking considerable profits from the sport.

CVC and Liberty Media declined to comment on the auto motor und sport report.

Jack

Jack is responsible for the day-to-day running of Formula One Vault. He brings you all the brilliant content. Has an obsession with all things Formula One and anything with an engine.

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