Liberty Media has announced that it has agreed to purchase Formula 1 for $8-billion from a consortium of sellers, with Chase Carey to be appointed as chairman.
Interestingly, it seems current F1 ringmaster Bernie Ecclestone will stay on as CEO.
“I am thrilled to take up the role of chairman of Formula 1,” said Carey, who is also the executive vice chairman of 21st Century Fox.
“I greatly admire Formula 1 as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world. I see great opportunity to help Formula 1 continue to develop and prosper for the benefit of the sport, fans, teams and investors alike,” he added.
Liberty Media owns interests in a broad range of media, communications and entertainment businesses.
Ecclestone added that he looked forward to the deal going through: “I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them”.
Liberty Media will initially take an 18,7% stake in Formula 1, with a 100 % sale “subject to satisfaction of conditions”.