Liberty Media take-over of Formula One takes another leap forwards

Chase Carey of Liberty Media Octane Photographic Ltd

The take-over of Formula 1 by Liberty Media took yet another leap forwards on Tuesday, with stockholders agreeing to vote in favour of the bid, and to change the name to the ‘Formula One Group‘.

On top of the 19.1 percent stake in the sport that the American company already has, it was revealed last month that through investors, another $1.55 billion had been raised in order to increase their cash portion of the shareholding.

The official statement from the company was released yesterday after a stockholder meeting in Colorado, which stated that,”The holders of its common stock entitled to vote thereat approved (i) a proposal relating to the issuance of shares of Series C Liberty Media common stock in connection with its pending acquisition of Formula 1 (the “Acquisition”) and (ii) a proposal relating to the adoption of the amendment and restatement of Liberty Media’s restated certificate of incorporation to effect the name change of the ‘Media Group’ and the ‘Liberty Media Common Stock’ to the ‘Formula One Group’ and the ‘Liberty Formula One Common Stock,’ respectively.”

However, whilst it seems increasingly likely that the company will completely take Formula 1 over, the acquisition still depends upon the governing body of Formula 1, the FIA, approving it. This looks as though it could happen imminently, with a meeting of its World Motor Sport Council being held today. This is predicted to be the precursor to the FIA approving the decision.