Liberty Media makes it official the purchase of the Formula 1


The news of the last few days have been finally confirmed, and
the business group Liberty Media has made official the purchase of a
part of the shareholders of the Formula 1
. In a first phase, Liberty
Media will acquire 18.7% of the shares through a payment of 730
million euros.

Chase Carey, Executive Vice president of 21st Century Fox, is
becomes the new Chairman of the Formula 1
, replacing
Peter Brabeck-Letmathe. Bernie Ecclestone, for its part, will continue to
being the Chief Executive officer (CEO) of the Formula 1, thus eliminating
the rumors that claimed that he would be leaving his position with immediate effect.

“I Am very pleased to assume the role of President of the
Formula 1 and having the opportunity to work alongside Bernie
Ecclestone, CVC and the team to Liberty Media. I admire a lot the Formula
1 as a franchise of sports entertainment unique in the
world, that attracts hundreds of millions of fans each season. I see
a great opportunity to help the Formula 1 to continue
to develop and prosper for the benefit of the sport, the fans,
teams and investors”
, said Carey, who has as
challenge to enhance the interaction of the Formula 1 with the means of
communication and social networks, among other aspects.

Bernie Ecclestone said to be delighted “welcome
Liberty Media and Chase Carey to the Formula 1 and I look forward to
work with them”
. Liberty Media, which is owned by John Malone
and controlled from the media and producers, through to equipment
baseball, plans to invest a total of 4,400 million
dollars, in addition to assume a debt of 4,100 million. All of this
completed in the first half of 2017 and CVC Capital Partners
retain the 65% of the shares.