GENEVA, Switzerland (CelebrityAccess) — The FIA World Motor Sport Council has officially put its imprimatur on Liberty Media's bid to acquire Formula One Group and the commercial rights to the FIA Formula One World Championship.
Liberty announced its intention to acquire the storied racing brand in September and FIA's decision to sell Delta Topco Limited (the holding company of the Formula One Group) to Liberty comes just a day after Liberty Media's shareholders signed off on the deal.
A statement from the FIA said: “The World Motor Sport Council has unanimously approved the change of control of Delta Topco Limited from CVC Capital Partners in favour of Liberty Media Corporation at an extraordinary meeting today in Geneva.
“The transaction will see the transfer of 100% of the shares in Delta Topco to Liberty Media Group, one of the tracking stocks of Liberty Media Corporation.
“The transaction will see the transfer of 100% of the shares in Delta Topco to Liberty Media Group, one of the tracking stocks of Liberty Media Corporation.
“Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term.
“The World Motor Sport Council’s decision confirms the FIA’s belief that Liberty, as a renowned media organization with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle Championship.
“The FIA holds a one per cent shareholding in Delta Topco. As part of the sale by CVC to Liberty Media Corporation, and in line with the agreements between the FIA and the Formula One Group, the FIA will be dragged along in the sale process under the same conditions as CVC and all the other shareholders."
The sale is controversial due to FIA's role in the transaction and their 1% ownership stake in the company, as well as the reluctance of minority stakeholders. – Staff Writers
