Jean Todt, the head of Formula One’s governing body which has to approve any takeover of the sport, said on Thursday he looked forward to working with new owners Liberty Media and welcomed the USA company’s investment.
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Liberty said it would keep Ecclestone, who built Formula One into a global operation over almost four decades, as chief executive, but also named 21st Century Fox vice chairman Chase Carey as the company’s new chairman.
Liberty Media, who also own several sports and media companies including the Atlanta Braves in Major League Baseball, will initially purchase a minority stake in F1 (estimated at £559m) before a full takeover is given the green light by regulators approving the deal.
The transaction will need the approval of the European Commission and the FIA, the governing body that oversees Formula One.
The deal, valued at $8 billion including debt, gives an American media and telecoms business effective control of a sport rather than the more customary situation of such companies paying up to buy rights to screen live events.
Liberty Media has already outlined its five key areas of focus for the immediate future.
Despite his insistence that Formula One was not up for sale, Bernie Ecclestone has sold Formula One to Liberty Media in a multi-billion-dollar deal.
Ecclestone, who was stood alongside Carey during the interview, was then asked if he hoped Liberty can help F1 successfully break into America. “This is a great global sport, a great franchise, and it’s one we’re going to continue to build with the things Bernie’s built over the decades”. “I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike”. Chase’s experience and knowledge of sport, media and entertainment is as good as it gets and we are very pleased to secure his services.
“Bernie has been a wonderful CEO for us over the last 10 years”, Mackenzie said in a statement.
“So we need help in that area and that is the way the sport will grow worldwide and not just in the countries where it is strongest, like the United Kingdom and Japan and other countries in Europe”.
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“We are excited to become part of Formula One”, Liberty Media president and chief executive Greg Maffei said.
