U.S. media firm to acquire Formula 1

U.S. media firm to acquire Formula 1The U.S. company Liberty Media has confirmed its purchase of auto racing league 1 for $4.4bn (£3.3bn).

Liberty Media will hold an 18.7 percent minority stake in the Formula 1 immediately, and then the remainder when the deal closes as early as the first quarter of 2017. Liberty Media is buying the stake from the private equity firm CVC Capital.

The total transaction values the firm at $8bn but includes $4.1bn worth of F1's debt.

Bernie Ecclestone will save his position as chief executive. Chase Carey, vice-chairman of 21st Century Fox, will become the new chairman.

"We are excited to become part of Formula 1," said Greg Maffei, chief executive of Liberty Media.

"We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula 1 and benefit fans, teams and our shareholders," he added.

Ecclestone, the 85-year-old British businessman has run the sport for 40 years, said: "I would like to welcome Liberty Media and Chase Carey to Formula 1 and I look forward to working with them."
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