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Published: 10:06 | 8/9/16

Liberty Media confirm F1 purchase

US media firm Liberty Media Corporation has confirmed it is to buy Formula 1 for $4.4 billion.

CVC Partners, which owns a 35% stake in Formula 1, has agreed to a deal that will see Liberty Media pay $8.4 billion - $4.4 billion for the business and a further $4.1 billion in debt - but Bernie Ecclestone will remain as chief executive while 21st Century Fox vice-chairman Chase Carey will become the new chairman.

"I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them," Ecclestone said.

Liberty Media will acquire an 18.7% minority stake before completing a full takeover once the deal is approved by the FIA and regulators.

"I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team," Carey said.

"I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world.

"I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike."

Owned by American media mogul John Malone, Liberty Media also holds stakes in the Atlanta Braves Major League Baseball club and the company is hoping to grow Formula 1's presence in the United States.

Liberty Media president and chief executive Greg Maffei said: "We are excited to become part of Formula One. We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders.

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