Liberty Media have become a step closer to their purchase of Formula One, with their stockholders clearing the path for the sale which is due to be completed shortly.
It was confirmed overnight (UK time), that the backers of Liberty Media approved the purchase, of which they currently own 19.1% after an initial purchase from current owners CVC late last year. As part of the move it was also confirmed that it would change the name to ‘Formula One Group’, to reflect the more diverse nature of the business. The next move is for the FIA to approve the deal as well, called for a extraordinary World Motor Sport Council meeting today for it to be approved.
A statement overnight read: “The holders of its common stock entitled to vote thereat approved (i) a proposal relating to the issuance of shares of Series C Liberty Media common stock in connection with its pending acquisition of Formula 1 (the “Acquisition”) and (ii) a proposal relating to the adoption of the amendment and restatement of Liberty Media’s restated certificate of incorporation to effect the name change of the “Media Group” and the “Liberty Media Common Stock” to the “Formula One Group” and the “Liberty Formula One Common Stock,” respectively.”
Liberty is expected to announce after the deal that they will be appointing a ‘Head of marketing, sponsorship and media rights’, currently with ex-ESPN executive Sean Bratches among the favourites, although it is unclear where that leaves Bernie Ecclestone.