The sale of F1 commercial rights to the Liberty Media Group was given the green light today at an extraordinary meeting of the World Motorsport Council (WMSC) in Geneva on Wednesday 18 January, a day after shareholders gave approval for the media giant to forge ahead with its plans to acquire a controlling interest in F1.
Representatives from Liberty Media presented their strategy for F1 to members of the WMSC who were given an opportunity to ask questions about the acquisition and the future relationship between the FIA and Liberty Media’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,” said the FIA in a statement released after the meeting.
“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 FIA holds a one per cent shareholding in Delta Topco. As part of the sale by CVC to Liberty Media Corporation, and in line with the agreements between the FIA and the Formula One Group, the FIA will be dragged along in the sale process under the same conditions as CVC and all the other shareholders.
“The FIA looks forward to working with the new owners of the Formula One Group on further developing the unrivalled global spectacle that is the FIA Formula One World Championship for all stakeholders.”
It seems like Liberty Media is well on it’s way to closing the deal before the end of March with just a few more formalities cross off.