SEPTEMBER 7, 2016
Formula 1 group sold
It was announced today that Liberty Media is to purchase Delta Topco, the firm run by Bernie Ecclestone and CVC and is the Commercial Rights holder to the FIA Formula One World Championship.
Liberty Media, the US based firm controlled by John Malone, a pioneer in the American cable television industry, will purchase the company with $1.1 billion in cash, $138m in Liberty Media shares and $351m in exchangeable debt. It will also assume Formula 1's current debt of $4.1 billion.
Chase Carey, Executive Vice President of 21st Century Fox will be appointed to be the Chairman of the to-be-renamed group.
Bernie Ecclestone will remain in his current position as CEO of the company.