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New era for Formula One as USA firm Liberty takes control
With a deal sealed to take over Formula One, U.S. -based Liberty Media (NASDAQ:LMCA) says it doesn’t have big alterations in mind to change the decidedly continental appeal of the sport.
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Liberty, which agreed to buy the company that controls the dominant worldwide racing series from private equity firm CVC Capital Partners Ltd. for $4.4 billion on Wednesday, faces a challenge: Formula One’s global audience fell to 400 million a year ago from 600 million in 2008.
The company said it would retain Ecclestone, who built Formula One into a global operation over almost four decades, as chief executive, but named 21st Century Fox vice chairman Chase Carey as the company’s new chairman.
Jenson Button has backed Liberty Media’s takeover of Formula One as he thinks it will help the sport attract a younger audience.
Formula One’s popularity in the US lags behind Nascar stock-car racing and most team sports.
The full takeover, which will see Liberty with a controlling 35.3% stake, is due to be completed by early 2017.
Ecclestone, a former motorcycle dealer and racing driver, has been the flamboyant figure at the centre of Formula One since the 1970s, crafting it into one of the world’s most glamorous and best known sports.
“Formula One is a key player in the high-growth market for live, premium sports rights”.
Liberty Media’s interest has always been the subject of rumors circling Formula One and longtime CEO Bernie Ecclestone, who also owns a minority stake in the open-wheel racing league. Carey continued. “The opportunity is to grow and develop this sport for the benefit of the fans, teams, partners and our shareholders by increasing promotion and marketing of Formula 1 as a sport and brand”.
Ecclestone added that he welcomed the company into the sport and looked forward to working with them.
Around the time of CVC’s 2006 purchase of Formula One, Ecclestone quelled a threat from teams to set up a rival car-racing series and his management involvement has continued since the CVC acquisition.
Carey, who joined the sport’s 85-year-old commercial supremo Bernie Ecclestone in answering questions, said there was a more passionate fan base in America than people realised even if it took time to build the audience. Ecclestone has stated, however, that Liberty Media – run by media mogul and billionaire philanthropist John Malone – will not simply be coming into F1 for the fun of it.
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A revised and probably expanded calendar that may include more races in Asia and the Americas could see this year s record 21-race schedule enlarged to a bumper 25 grands prix.