Liberty Media’s planned acquisition of Formula One has been formally approved by the FIA. With Liberty Media having now cleared their last hurdle in the sale, the deal is set to be completed before the end of March.
Liberty Media’s shareholders held a vote yesterday, where they agreed to proceed with the sale. Having already been approved by the appropriate anti-trust authorities, Liberty Media only needed approval from the FIA, the governing body of Formula One, before completing the sale that will see the company take 19.1% of the sport.
The FIA World Motor Sport Council met on Wednesday with representatives from Liberty Media to discuss the transaction. At the meeting, Liberty Media made a formal presentation of their acquisition strategy, after which members of the World Motor Sport Council were permitted to ask questions and express any concerns.
The statement from the FIA read:
“The World Motor Sport Council’s decision confirms the FIA’s belief that Liberty, as a renowned media organisation with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle Championship.
The FIA holds a one per cent shareholding in Delta Topco. As part of the sale by CVC to Liberty Media Corporation, and in line with the agreements between the FIA and the Formula One Group, the FIA will be dragged along in the sale process under the same conditions as CVC and all the other shareholders.
The FIA looks forward to working with the new owners of the Formula One Group on further developing the unrivalled global spectacle that is the FIA Formula One World Championship for all stakeholders.”
Now that all of the formalities are out of the way, the sale to Liberty Media is set to be completed before the end of the first quarter in 2017, ending March 31.
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