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Formula 1 Motor Racing Bought by Liberty Media: Latest Details and Reaction

Published by Bleacher Report on Thu, 08 Sep 2016

Liberty Media Corporation confirmed it has agreed to purchase a significant stake in Formula One motor racing as part of a deal that will ultimately lead to the full sale of the sports organisation.Sky News reported on Wednesday the deal was worth a sum of $8 billion (6 billion), although BBC Sports' Dan Roan revealed only a partial stake would be sold at first:Current owner Bernie Ecclestone has played an executive role at the top level of Formula One for more than 40 years, having ascended into a chief position in the early 1970s.However, the business mogul may not be an absent figure altogether. TheDaily Mail'sJonathan McEvoyreported Ecclestone has been offered a new role to remain with Formula One in some capacity.The 85-year-old said: "I have been offered a contract to stay and help them. It's whether I want to do that. We'll see."Sky Sports News HQ provided more background on the deal, as well as further detail regarding Ecclestone's sustained role within Formula One:Liberty Media Corporation is set to claim a controlling stake in the company from CVC Capital Partners, who have owned a majority share since taking over in 2005.Roan also provided a statement from Chase Carey, vice chairman of 21st Century Fox and chairman of Liberty Media Groupa subset of Liberty Media Corporationas well as Ecclestone and CVC:According to Bloomberg'sEric Pfanner, CVC will own a 65 percent stake in Liberty Media Group after the transaction, at which point it will be renamed Formula One Group.TheYorkshire Post's James Mitchinson argued there's little value to the deal, however:Liberty is backed by John Malone, referred to bySky Newsas an "American media tycoon" who boasts an estimated wealth of $7.1 billion (5.3 million), according toForbes.It's reported the initial down payment for the Formula One sale will be worth $600 million (450 million), while the remainder of the 6 billion transfer will be completed over the next six months.Per McEvoy's report, 1996 world champion Damon Hill mused it would be "peculiar" when Ecclestone finally does take his leave from the sports hierarchy, since he has ruled for close to half-a-century.The British business magnate owns a 5.3 percent stake in the company and is expected to earn a windfall of$400 million (300million) from the deal, per Sky News.
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