Jenson Button has backed Liberty Media’s takeover of Formula One as he thinks it will help the sport attract a younger audience. Vice-chairman of 21st Century Fox, Chase Carey will be the new chairman, whereas Bernie Ecclestone continues to perform duties of chief executive.
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There will be continuity, with Bernie Ecclestone remaining the chief executive officer of F1. Once the deal is completed, the controlling stake of 35.5 per cent will rest with Liberty Media, while CVC will continue to retain a 24.7 per cent share.
A controversial figure, who has become as much a celebrity as any of the drivers, “Bernie” has been a part of Formula One ever since the 1950s.
Ecclestone added that he welcomed the company into the sport and looked forward to working with them.
“The Teams will be given the opportunity to participate in the investment in Formula One, and the detailed terms of that investment will be agreed in due course”, the statement read.
Liberty Media further said that it had already acquired a minority 18.7% stake in Formula One in an all-cash $746m deal.
The remainder of the deal would see Liberty Media Corp acquiring the remaining 81.3 per cent of the company, which would be subject to the approval of certain regulators as well as the FIA, world motorsport’s governing body.
Ecclestone, 85, will stay in his role for three years. However, they won’t have voting control, so Liberty’s leadership group will be in charge.
It also spins in millions in profits from Formula One-branded merchandise.
CVC will now eventually hand over its ownership to Liberty Media, a firm which has stakes in several sports and entertainment businesses, including the baseball team the Atlanta Braves.
Liberty Media will hope to build on these strengths, helping the sport gain new fans, especially in the Americas, and to capitalise on new opportunities around marketing, promotion, digital rights and social media.
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Liberty will acquire 100% of Delta Topco, the parent of Formula One, using shares of its tracking stock, which falls under the LMCK ticker, Liberty said in a statement.
