F1: FIA approves sale to Liberty Media

The FIA has given its approval for the sale of Formula 1 from CVC Capital Partners to Liberty Media following a meeting in Geneva.

An extraordinary meeting of the World Motor Sport Council (WMSC) took place on Wednesday to discuss the change in ownership, with Liberty Media set to become majority shareholder by purchasing 100% of the shares of Delta Topco, the holding company of the Formula One Group. Following approval from Liberty's stockholders to issue new shares and rename Liberty Media Group as the Formula One Group, Liberty said it was awaiting the green light from the FIA, which duly came on Wednesday.

In a statement, the FIA confirmed the change of control had been "unanimously approved" following a presentation from Liberty representatives in Geneva.

"During the meeting, the representatives of the prospective new owner made a detailed presentation of their strategy," the FIA statement read. "The members of the World Motor Sport Council then had the opportunity to ask questions about the specifics of the agreement, the ongoing working relationship with the FIA and Liberty'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.

"The World Motor Sport Council's decision confirms the FIA's belief that Liberty, as a renowned media organization with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle Championship."

While the FIA has a small stake in Delta Topco and will therefore profit from the change of ownership, the governing body says it will have no further active role in the ongoing deal.

"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 unrivaled global spectacle that is the FIA Formula One World Championship for all stakeholders."