FIA approves F1 sale to Liberty Media

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Liberty Media's deal to acquire Formula One has been unanimously approved by the FIA World Motor Sport Council.

In September, Liberty Media Group announced they had agreed a full takeover of the world's leading racing championship from the investment group CVC Capital Partners.

Liberty Media also bought an initial 18.7 per cent stake in the sport but acquiring 100 per cent needed to be approved by the sport's regulators.

Last month they moved a step closer to completion with the approval of antitrust authorities, and now the FIA have ratified the deal.

Following a presentation from Liberty Media in Geneva, the council  gave the proposal their full backing, meaning Liberty will take control of all of the shares in the sport's parent company Delta Topco - which will be renamed the Formula One Group.

A statement issued by the FIA said: "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 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 [former owners] 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."