Billion-dollar deal: Formula One set for new era

Liberty Media primed to take over premier auto racing sport

PARIS: A new chapter dawns for Formula One with American media mogul John Malone poised to become the glittering but flawed sporting jewel’s new custodian.

The Malone-backed Liberty Media has emerged in pole position to buy Formula One after interest from broadcaster Sky, Paris Saint-Germain’s owner Qatar Sports Investments and Stephen Ross, owner of MLS side the Miami Dolphins, waned.

The high octane sport’s octogenarian ringmaster Bernie Ecclestone told German magazine Auto Motor und Sport at last weekend’s Italian Grand Prix that a deal was imminent.

Monday’s edition of British newspaper Financial Times suggested talks between Liberty Media and current 35% majority stake owners CVC Partners, were “at an advanced stage”.



The 75-year-old Malone’s media empire is expected to take an initial 10-15% stake valued at $1.3 billion-$2.7 billion, en route to becoming majority owners in a deal valuing F1 at $8-$9 billion.

The FT, quoting “people briefed in the talks”, say that Chase Carey, executive vice-chairman of Rupert Murdoch’s 21st Century Fox, would be appointed Formula One’s new chairman.



Liberty Media already has interest in several sports and entertainment businesses, including the Atlanta Braves Major League baseball team.

If it goes ahead this deal would end years of rumour and speculation over F1’s future.

Ecclestone, who owns 5.3% and with his Bambino Trust a further 8.3%, is the mastermind behind F1’s evolution over the past 40 years into a billion-dollar sporting business.

Published in The Express Tribune, September 7^th, 2016.

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