A deal valued at $4.4 billion will likely see Formula One Racing sold to Liberty Media, a US-based media company. Liberty Media will acquire 100 percent of Delta Topco shares, which is F1’s parent company.
The deal is a bit messy. Liberty Media will acquire all of the shares of Delta Topco, which is F1’s parent company. The deal also has the US company taking an 18.7-percent minority stake in Formula One for $74.6 million in cash. Liberty Media will buy the racing conglomerate from a group led by CVC Capital Partners, a private equity firm. CVC will own 65 percent of Formula One Group’s equity.
Through the change in ownerships, Bernie Ecclestone will retain his position as the sport’s chief executive officer. Chase Carey will serve as the new F1 chairperson and was appointed by Delta Topco. Former chairman Peter Brabeck-Letmathe will remain as a non-executive director on Formula One’s board.