Formula 1 set for $8.5 billion sale
Source : Formula 1 set for $8.5 billion sale
Bernie Ecclestone could step down through the top motor racing series inside wake of a deal with Liberty Media Corporation
Formula 1 seems to have been sold to the American media company in a deal in which $ 8.4 billion (£ 6.3 billion) -. This kind of step will be a long-term departure may lead F1 supremo Bernie Ecclestone
will be controlled
F1 right now by AC Capital Partners, a private equity group, which owns a 35% stake in Delta TOPCO, the company in which owns Formula One Group, which includes the management Formula one (FOM) along with also the Department of Formula one (FOA)
speculation inside Italian Grand Prix weekend – backed Ecclestone (pictured below) in an interview with German magazine Auto Motor und Sport – Lucy suggested preparing to sell its stake in Liberty Media Corporation, that has a deal expected as soon as Tuesday. along with also returning the US company by US billionaire John Malone’s ownership.
According to Sky Sports , said the deal marked the beginning of the Liberty plan to acquire 100% of the F1 shares, subject to the approval of the FIA along with also legislators, along with also a list of publicly F1 on the brand new York Stock exchange. along with also told the Financial Times preliminary deal will enable Liberty Media for 10-15% of F1, with the agreement to take full control inside future.
Sky executive along with also media Chase Carey, who includes a close relationship with Rupert Murdoch, will be named as head of the F1 Once you confirm the deal. He resolves Peter Brabeck-Tmiv Mahal, president of the last couple of years, the former CEO of Nestle, which will be supposed to remain on the board as a non-executive director.
press F1 champion Joe Saward a personal blog on Monday in which he saw CNN Donald Mackenzie commander say McLaren boss Ron Dennis in Monza in which Italy will be the last race, which indicates an imminent change.
, however, the item may not be a deal set in stone. Autosport reported on Sunday in which Liberty Media still faces competition through additional interested parties. the item suggested in which CNN will be still in negotiations with the RSE projects investment company, which team the Miami Dolphins Union owns NFL, along that has a coalition of the State of Qatar along with also the private equity firm unnamed else.
What a sale could mean for Ecclestone will be still unclear. The driver was the former owner of the team along with also the face of F1 for more than 40 years along with also owns a 5% stake inside item himself. the item has transformed along with also expanded the sport during his tenure at the top, however the item was not his influence without controversy. The Channel 4 pundit along with also former team boss Eddie Jordan said he understood in which Ecclestone to step down immediately, however Ecclestone denied those claims. Reuters quoted Niki Lauda, three times world champion, along with also chairman of a non-executive Mercedes, saying in which Ecclestone will be inside next race in Singapore. additional senior figures F1 has also expressed doubt in which the departure of Ecclestone be instant.
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