Formula One to be sold to US media group
Just days after the Italian Grand Prix race in northern Monza, Formula One is reportedly on the verge of being sold to Liberty Media, a conglomerate owned by American billionaire John Malone.
Malone, a US based media mogul nicknamed “Darth Vader”, is close to taking control of Formula One in a deal that will net billions of pounds for the private equity firm that controls the sport, the Guardian has reported.
German magazine auto motor und sport reported at the Italian Grand Prix that the first of two tranches of payment in an £6.4bn billion deal were expected to be paid on Tuesday.
According to the Guardian, it is understood that Liberty Media will initially buy a stake in Formula One of up to 20 per cent before taking full control later in the year. The deal will value the sport at around £6.4bn (US$8.5bn).
Sky Sports reported that current F1 chairman Peter Brabeck-Letmathe will be replaced in his role by media executive Chase Carey with Brabeck-Letmathe staying on the board as a non-executive director. The future of Bernie Ecclestone, the chief executive of Formula One Group, will be discussed after the sale.