Formula 1 was sold for 8 billion dollars

American Corporation Liberty Media confirmed the acquisition of the assets of the world Championship on a ring auto racing of Formula-1 from a management company of the Formula One. The total transaction will amount to eight billion dollars.

Liberty Media already has acquired 18.7% of the shares of Formula 1 for 746 million dollars in the future intends to redeem 100% of the securities. For the entire package of assets of an American Corporation entrepreneur John Malone will pay 4.4 billion. It also will assume debt of Formula One, bringing the total purchase price will be about $ 8 billion. Finally the transaction is expected to close in the first quarter of 2017.

On the eve of the announcement of the sale of General promoter and the actual owner of Formula 1 Bernie Ecclestone told Reuters that the new owners asked him to stay on as CEO of the racing series for another three years. At the moment Ecclestone 85 years, its role in the management of the championship began to increase in the late 1970-ies.

It is also reported that after completion of the transaction, Liberty Media Group will be renamed to Formula One Group. Chairman of the Board of Directors of the company appointed the top Manager of the media company, 21st Century Fox chase Carey. Bernie Ecclestone said he was glad to welcome Carrie at the helm of the company and is willing to cooperate.

“We are pleased to be part of Formula 1. We hope that our extensive experience in the organization of information and sports projects will allow us to give Formula 1 a proper management, from what the fans, teams and shareholders will only benefit”, – said the head of Liberty Media Greg Maffei.

The new owners of Formula 1 also possess several assets the American media, the baseball team Atlanta Braves, the largest U.S. bookstore chain Barnes & Noble and other companies.