Following the announcement overnight that the shareholders of Liberty Media have approved the takeover of Formula One, the FIA have also approved the sale it has been announced this afternoon.
With the FIA calling an extraordinary meeting of the World Motor Sport Council in Geneva, they approved the sale of Delta Topco, the holding company for Formula One to the Liberty Media Group as expected, and in so selling their 1% share.
The statement from the FIA confirmed: The transaction will see the transfer of 100% of the shares in Delta Topco to Liberty Media Group, one of the tracking stocks of Liberty Media Corporation.
During the meeting, the representatives of the prospective new owner made a detailed presentation of their strategy. The members of the World Motor Sport Council then had the opportunity to ask questions about the specifics of the agreement, the ongoing working relationship with the FIA and Liberty’s plans for the sport.
Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term.
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.