US firm Liberty Media buying Formula One motorsport series

BY foxsports • September 7, 2016

LONDON (AP) Formula One is being bought by Liberty Media, a U.S. company that invests in entertainment and sports, in a takeover valuing the motorsport series at $8 billion.

Liberty Media, which is controlled by 75-year-old tycoon John Malone, has ended years of uncertainty about the ownership of the sport with Wednesday's deal .

The transition is due to be overseen by F1 CEO Bernie Ecclestone, who told The Associated Press that he will retain his role as the sport enters a new era.

Liberty Media will be renamed Formula One Group after the deal is complete, which is expected by March 2017.

F1's biggest shareholder is investment fund CVC Capital Partners.

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