- Title: Motorsport governing body approves sale of F1 commercial rights
- Date: 18th January 2017
- Summary: GENEVA, SWITZERLAND (FILE - DECEMBER 18, 2014) (REUTERS) **** WARNING CONTAINS FLASH PHOTOGRAPHY **** VARIOUS OF FORMULA ONE GROUP'S CHIEF EXECUTIVE, BERNIE ECCLESTONE ARRIVING AT A MEETING PARIS, FRANCE (FILE - SEPTEMBER 8, 2010) (REUTERS) ECCLESTONE ARRIVING AT FIA MEETING MUNICH, GERMANY (FILE - APRIL 24, 2014) (REUTERS) MEDIA OUTSIDE COURT ROOM ECCLESTONE ARRIVING AT COURT
- Embargoed: 1st February 2017 18:16
- Keywords: Formula One Liberty Media
- Location: FILE
- City: FILE
- Country: USA
- Topics: Motor Racing,Sport
- Reuters ID: LVA0025ZM0PQ7
- Aspect Ratio: 16:9
- Story Text: Formula One's governing body gave its approval on Wednesday (January 18) to CVC Capital Partners' sale of the sport's commercial rights to Liberty Media.
The International Automobile Federation (FIA) said in a statement that its World Motor Sport Council had unanimously approved the change of control at an extraordinary meeting in Geneva, Switzerland.
"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," it said.
Liberty Media, controlled by U.S. cable mogul John Malone, took control of the sport in September in a deal valued at $8 billion.
Before the sale it was understood Formula One's biggest shareholders were private equity firm CVC Capital Partners with a 35.5 percent stake and U.S. fund manager Waddell & Reed with 20.9 percent. Ecclestone holds 5.3 percent of Formula One and his Bambino Trust has another 8.5 percent.
- Copyright Holder: FILE REUTERS (CAN SELL)
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