F1 Madness

Tag: liberty media

  • Chase Carey Appointed as CEO of F1

    Chase Carey Appointed as CEO of F1

    After completing its acquisition of F1, new owners Liberty Media have announced that Chase Carey will take up the role as Chairman and CEO of the F1 Group.

    This confirms that Bernie Ecclestone’s tenure as F1 ringleader for 40-years has come to an end. As it was reported earlier the role of Honorary President was offered to Ecclestone which he admitted, did not know what it entailed. This role has now been clarified. Ecclestone will act as an adviser to the board of F1.

    Speaking about his appointment as CEO of F1, Chase Carey had this to say: “I am excited to be taking on the additional role of CEO.

    “F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport. We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime.”

    “I would like to recognise and thank Bernie for his leadership over the decades. The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family.

    “Bernie’s role as Chairman Emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved.”

    Speaking about his honorary role Bernie had this to say: “I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with.

    “I’m very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport.”

  • FIA Gives the Green Light for Liberty Media Take Over of F1

    FIA Gives the Green Light for Liberty Media Take Over of F1

    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.

  • Liberty Media Agrees to Formula One Purchase

    Liberty Media Agrees to Formula One Purchase

    Liberty Media Group has announced that it has agreed to acquire Formula One from CVC Capital and others.

    The deal, which values Formula One at $8.0 Billion and a $4.4 billion equity value, will be concluded in stages. An 18.7% minority stake will be acquired initially for $746 million which will be funded in cash by Liberty Media’s cash holdings. The sale will be concluded when Liberty Media acquires 100% of Delta Topco, the holding company of Formula One, around the first quarter of 2017.

    The transaction will also include the $4.1 billion of existing Formula One debt and $0.7 billion of cash holdings by Formula One.

    CVC will continue to be the controlling shareholder until the sale is complete and will continue to hold 65% of Formula One Group’s equity. CVC will also be represented at board level to support Liberty Media to continue to develop the sport. In addition to the board representation, CVC will also have someone installed on the board of directors of Liberty Media.

    Teams will also be given a chance to participate in the shareholding of Formula One. The details of those agreements will be agreed to in due course.

    Bernie Ecclestone will remain as CEO of Formula One under Liberty Media with newly appointed Chase Carey will take up the position as Chairman of the new Formula One Group succeeding Peter Brabexk-Letmathe who will remain on the board of Formula One as a non-executive director.

    “I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team,” said Carey

    Bernie Ecclestone“I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world.

    “I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike.”

    Greg Maffei, President and Chief Executive Officer of Liberty Media, said: “We are excited to become part of Formula One. We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders.

    “We look forward to working closely with Chase Carey and Bernie Ecclestone to support the next phase of growth for this hugely popular global sport.”

    Bernie Ecclestone, Chief Executive Officer of Formula One, said: “I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them.”