FIA welcomes Liberty Media’s investment in F1

World © Octane Photographic Ltd. Monaco skyline reflected in the FIA truck logo. Wednesday 25th May 2016, F1 Monaco GP Paddock, Monaco, Monte Carlo. Digital Ref :1559CB5D5914

Following the confirmation of the sale of F1 to Liberty Media on Wednesday night, in what is a two-part deal believed to be in the region of $8.5 billion dollars, the FIA have expressed their thoughts on the takeover.

Having a 1% stake in F1 means consent for any deals must be sought from motorsport’s governing body before they can go ahead, and although the FIA have not yet been given full details of what the takeover entails they are believed to approve of the arrangement.

“The Federation awaits further information regarding the proposed terms of the transaction and welcomes the opportunity to discuss with all parties the possible consequences of this agreement on the promotion of the FIA’s flagship championship.”

FIA President Jean Todt added that working in partnership with a company that has such expertise in a number of fields, will be fantastic for the progression of the sport.

“While it remains to be seen how this acquisition will influence the promotion of the FIA Formula One championship, we welcome this long-term investment in Formula One by a company that has such a broad portfolio of sports, media and entertainment businesses.

“As motor sport’s governing body and regulator we acknowledge Liberty Media’s wide expertise in these fields and we look forward to working in close partnership with them in the future in order to further develop Formula One and bring it to new generations of motor sport enthusiasts around the world.”

Chase Carey, one of the big names in the media world having worked at the top level for the likes of Sky Plc and 21st Century Fox, has been appointed Formula One Group Chairman as part of the deal, and will work alongside Bernie Ecclestone initially, as they attempt to take the sport to the next level.