Wednesday 28 September 2016

Formula One sale zooming to the finish line

Maria Sheahan

Published 06/09/2016 | 02:30

F1 boss Bernie Ecclestone Photo: Lars Baron/Getty Images
F1 boss Bernie Ecclestone Photo: Lars Baron/Getty Images

A sale of Formula One to TV3's owner Liberty Media is to go ahead next week, the sport's commercial supremo Bernie Ecclestone told German trade magazine 'auto motor und sport' on the sidelines of the Italian Grand Prix at Monz.

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The magazine said that according to Ecclestone, Liberty Media will transfer the first of two tranches of payment in the $8.5bn (€7.6bn) deal today.

Recent media reports had said that British broadcaster Sky as well as a consortium of Liberty Media's sister company Liberty Global and Discovery Communications were also circling Formula One.

Fiat Chrysler's chief executive Sergio Marchionne earlier said the industry as a whole had a vested interest in stability for Formula One.

"I've had this conversation with CVC in the past, I've had it with Bernie ... I think it's important that we provide stability and a long-term view.

"I'm sure that will happen soon," he said.

'Auto motor und sport' said Ecclestone left his own post-deal role unclear.

Formula One's biggest shareholders are CVC Capital Partners and Unites States fund manager Waddell & Reed. (Reuters)

Irish Independent

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