US-based Liberty Media Corp. announced it will purchase F1, and the deal will cost $1.1 billion in cash along with a large number of shares, totaling $4,4 billion. Chase Carey, executive vice president of 21st Century Fox, will be appointed chairman of Formula One. Bernie Ecclestone, current CEO of the racing group, will remain in his position.
Ecclestone told Reuters that he had been asked to stay on for three years and would miss the upcoming Singapore Grand Prix (we certainly won’t be missing it, partners as we are for the Podium Lounge party) as he is needed for negotiations in London. The 85-year-old British mogul has run F1 for the last 40 years.
After the deal, Liberty Media intends to change its name to the Formula One Group. CVC, the current largest shareholder of Formula One, will own about 65 percent of the to-be-renamed Liberty Media group, but it won’t have control of voting shares.