But the 85-year-old Ecclestone will have to work under a new chairman: Chase Carey, the executive vice chairman of Rupert Murdoch’s entertainment conglomerate 21st Century Fox.
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The company is owned by US mogul John Malone, whose 40 years of deal making in the cable and pay-TV industry have earned him the nickname the “Cable Cowboy”.
There will be continuity, with Bernie Ecclestone remaining the chief executive officer of F1.
The current teams will also be given the opportunity to participate in the investment in the new Formula One Group, and the detailed terms of that investment will be agreed in due course.
Liberty Media, a United States conglomerate headed by John C. Malone, is set to purchase an 18.7 per cent stake in F1 for US$746 million, with a buyout expected to be completed by March next year.
Some reports have stated CVC Capital Partners – which owns the controlling stake in Delta Topco – have a “drag along” clause, which means when they sell other shareholders have to sell their shares.
The buyout is expected to close by March.
The American media company stressed the fact that they will be improving Formula 1’s distribution of content, especially on digital platforms, which according to Button, is a key factor in the evolution of the sport.
Liberty Media, which is owned by American media mogul John Malone, and its sister companies have interests that span from baseball’s Atlanta Braves to Virgin Media, and Malone owns shares in ITV, Eurosport and Formula E. Malone also controls European telecom company Liberty Global and has investments in US cable company Charter, which recently bought Time Warner Cable, and various cable-TV companies. This is a great global sport, a great franchise, and one we’re going to continue building the great things Bernie has built over the prior decades.
The sport returned to the U.S.in 2012 after a five-year absence, with Austin hosting the race under the current deals.
“I have been trying to do things in America for years but not very successfully … maybe [Liberty Media] are the people that can get it done”, Ecclestone said.
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Liberty Media will initially hold an 18.7 percent stake in Delta Topco, with the remainder to be transferred possibly as early as the first quarter of 2017, should all conditions be met.
