The FIA’s World Motor Sport Council will hold a meeting on January 19 to discuss Liberty Media’s deal to take a controlling interest in the sport. The meeting will take place one day after Liberty’s vote with its shareholders.
Liberty Media plans to take 19.1% of Formula One, in a deal which is currently underway. On December 16, the company received approval from the anti-trust authorities to proceed with the deal. The deal has not yet been completed and is still conditioned upon two things, one of which is the approval of the shareholders currently holding the company’s LMCK shares.
Liberty Media still requires formal approval from the Fédération Internationale de l’Automobile, the governing body of Formula One, before completing the acquisition. It is expected that the FIA will provide the required approval and that the meeting to be held on January 19 is a briefing.
The FIA President, Jean Todt, previously spoke highly of the deal in September when the acquisition was announced, saying:
“While it remains to be seen how this acquisition will influence the promotion of the FIA Formula One championship, we welcome this long-term investment in Formula One by a company that has such a broad portfolio of sports, media and entertainment businesses. As motor sport’s governing body and regulator we acknowledge Liberty Media’s wide expertise in these fields and we look forward to working in close partnership with them in the future in order to further develop Formula One and bring it to new generations of motor sport enthusiasts around the world.”
It’s still unknown how much longer it will take for the transaction to be completed after the require approval is given. There are no current signs to suggest that the deal will not be completed.
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