By Adam Tate, Associate Editor
A day after Liberty Media’s shareholders approved the plan to purchase the remaining shares of Formula One from CVC Capital Partners, the World Motor Sport Council and the FIA have approved the sale in full during their meeting today in Geneva.
Liberty Media representatives held a special presentation on their plans for F1 with the WMSC representatives and participated in a Q&A session before the deal was unanimously approved.
The FIA released the following statement on the historic deal.
“The World Motor Sport Council has unanimously approved the change of control of Delta Topco Limited (the holding company of the Formula One Group and thus the owner of the Commercial Rights of the FIA Formula One World Championship) from CVC Capital Partners in favour of Liberty Media Corporation at an extraordinary meeting today in Geneva. 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 path for Liberty is now paved for its full and complete takeover of the sport, ending the dreary reign of CVC and pointing towards a brighter if somewhat uncertain future.