FIA approves Liberty Media’s F1 takeover
The Fédération Internationale de l'Automobile gave the green light to Liberty Media's takeover of Formula 1 in Geneva at an extraordinary World Council meeting.
After securing the blessing of Liberty Media Group’s shareholders to finalize the acquisition project, one last step remained for the takeover of F1, namely the approval of the FIA. This final phase has now been completed, as FIA members unanimously accepted it.
The institution also published a statement to announce the results of the meeting: « During an extraordinary meeting held today in Geneva, the World Motor Sport Council unanimously approved the change of control of Delta Topco Limited (the holding company of the Formula One Group, holder of the commercial rights of the FIA Formula One World Championship) which will transfer from CVC Capital Partners to Liberty Media Corporation. »
The statement continues by saying: « During the meeting, the representatives of the potential new owner detailed their strategy. The members of the World Motor Sport Council then asked questions about the specifics of the agreement, the future of working relations with the FIA, and Liberty Media’s plans regarding the sport. Liberty Media, the Formula One Group, and the FIA aim to establish a constructive working relationship to ensure the sustainable success and long-term development of the FIA Formula One World Championship. »
The institution of Place de la Concorde thus recalled that it is selling its 1% stake it held in the sport: « The decision of the World Motor Sport Council confirms the FIA’s conviction that Liberty, a renowned media group with expertise in both sports and entertainment, is particularly well-positioned to ensure the continued development of this flagship Championship. The FIA holds one percent of the shares of Delta Topco. As part of the transaction from CVC to Liberty Media Corporation, and in accordance with the agreements concluded between the FIA and the Formula One Group, the FIA is obliged to sell under the same terms and conditions as CVC and all other shareholders. »
The Federation concludes: « The FIA looks forward to the prospect of collaborating with the new owners of the Formula One Group to enhance this unique spectacle that is the FIA Formula One World Championship for all stakeholders. »
