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F1 to be sold for billions - reports

2016-09-04 15:54

F1'S NEW OWNER: F1 is set to be sold later in September. The proposed deal is worth millions. Image: AP / /Antonio Calanni

Monza, Italy - The long-awaited sale of Formula 1 to an American media group is to be completed next week, according to media reports on Sunday.

The well-sourced German magazine Auto Motor und Sport said that the sport's veteran commercial ring-master Bernie Ecclestone had confirmed the deal at the Italian Grand Prix.

The magazine reported that Ecclestone said Liberty Media will make the first of two payments on Tuesday in a deal valued at R8.5-billion dollars.

CVC to leave the sport?

If that goes through, according to well-informed paddock sources, current owners CVC Capital Parners, who hold a 35%, will leave the sport.

Liberty Media Group, which is listed on the New York Stock Exchange, is expected to take control of the company that will run F1.

Ecclestone, 85, said his future with the business would remain in his hands. He told Auto Motor Und Sport: "I will do what I have always done. What role I play is my decision."

A photo posted by FORMULA 1® (@f1) on

Read more on:    ferrari  |  bernie ecclestone  |  italy  |  f1  |  motorsport

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