The FIA World Motor Sport Council has formally approved the sale of the F1 business, just a day after Liberty Media’s shareholders agreed that the deal could go through pending the go-ahead from the governing body.
The FIA’s role in the sale has come under some scrutiny as it owns 1 percent of the business, and as such stand to benefit.
Liberty made a presentation at the WMSC meeting in Geneva today before the deal was voted through.
A statement today from the FIA said: “The World Motor Sport Council has unanimously approved the change of control of Delta Topco Limited (the holding company of the Formula One Group and thus the owner of the Commercial Rights of the FIA Formula One World Championship) from CVC Capital Partners in favour of Liberty Media Corporation at an extraordinary meeting today in Geneva.
“The transaction will see the transfer of 100% of the shares in Delta Topco to Liberty Media Group, one of the tracking stocks of Liberty Media Corporation.
“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.
“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.”
The phrase dragged along is a legal term relating to minority shareholders of companies.
