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Liberty Media raises $1.55bn to support F1 takeover

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Liberty Media has raised $1.55 billion to support its planned takeover of Formula 1, set to be completed in the early part of 2017.

Liberty announced back in September that it had agreed a deal to become the majority shareholder in F1, taking over from CVC in a deal worth over $8 billion.

Liberty has already completed the first part of the takeover, buying 18.7% of the shares in a cash deal, and announced on Thursday that it had raised $1.55bn in third party investment to support the buyout.

“This is a significant step in Liberty Media’s transformative acquisition of Formula 1 and is further confirmation that the future of the sport is bright,” Formula 1 chairman Chase Carey said.

Liberty president and CEO Greg Maffei added: “We are excited that this impressive list of investors will participate in the acquisition of Formula 1.

“This group shares our enthusiasm for the sport and our belief in the opportunity to develop and grow it for the benefit of the fans, teams, sponsors and our shareholders.

“We look forward to closing the transaction in early 2017.”

“Following the completion of the Formula 1 acquisition and the issuance of shares to the Third Party Investors, the Third Party Investors in the aggregate will own approximately 26% of the Formula One Group’s equity,” part of the statement from Liberty reads.

“The Selling Shareholders will own approximately 39% of the Formula One Group’s equity and will have board representation at Formula 1 to support Liberty Media in continuing to develop the full potential of the sport. In addition, a CVC representative will be joining the Liberty Media Board of Directors.”

Liberty shareholders are set to meet in January to vote on plans for the acquisition of F1, with the deal also remaining subject to clearance by the necessary competition authorities in bodies, as well as requiring approval from the FIA.

MRTI: Chris Griffis Test Sunday times and notebook

Thompson (90, Exclusive) and Hoogenboom (78, BN) in Pro Mazda. Photo: Indianapolis Motor Speedway, LLC Photography
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The two-day Chris Griffis Memorial Mazda Road to Indy Test concluded on Sunday at the Indianapolis Motor Speedway road course.

Combined times after the two days of running are below, with Nico Jamin (Indy Lights Presented by Cooper Tires) and Oliver Askew (Pro Mazda Championship Presented by Cooper Tires) remaining on top from Saturday to Sunday, and Darren Keane (Cooper Tires USF2000 Championship Powered by Mazda) supplanting Andres Gutierrez at the head of that field.

Previous notebooks are linked here (Friday, Saturday), with additional Sunday notes to follow.

COMBINED TIMES

INDY LIGHTS (Best Session)Full Results

Jamin. Photo: Indianapolis Motor Speedway, LLC Photography

1. 5-Nico Jamin, Belardi Auto Racing, 1:15.7173 (Session 2)
2. 98-Colton Herta, Andretti-Steinbrenner Racing, 1:15.7808 (Session 8)
3. 23-Victor Franzoni, Juncos Racing, 1:15.7953 (Session 8)
4. 3-Pato O’Ward, Team Pelfrey, 1:16.0900 (Session 5)
5. 4-Rinus Veekay, Belardi Auto Racing, 1:16.1419 (Session 5)
6. 31-Carlos Cunha, Juncos Racing, 1:16.1585 (Session 8)
7. 31-Nicolas Dapero, Juncos Racing, 1:16.2491 (Session 4)
8. 48-Ryan Norman, Andretti Autosport, 1:16.3285 (Session 4)
9. 27-Anthony Martin, Andretti Autosport, 1:16.5185 (Session 4)
10. 2-TJ Fischer, Team Pelfrey, 1:16.8124 (Session 5)
11. 21-Heamin Choi, Juncos Racing, 1:18.1931 (Session 5)

PRO MAZDA (Best Session); Full Results 

Askew. Photo: Indianapolis Motor Speedway, LLC Photography

1. 8-Oliver Askew, Cape Motorsports, 1:19.8142 (Session 5)
2. 79-David Malukas, BN Racing, 1:19.9394 (Session 5)
3. 90-Parker Thompson, Exclusive Autosport, 1:19.9815 (Session 5)
4. 1-Carlos Cunha, Juncos Racing, 1:20.0236 (Session 2)
5. 3-Robert Megennis, Juncos Racing, 1:20.1268 (Session 4)
6. 81-Kaylen Frederick, Team Pelfrey, 1:20.1928 (Session 5)
7. 18-Calvin Ming, Pabst Racing, 1:20.2141 (Session 5)
8. 2-Sting Ray Robb, Juncos Racing, 1:20.6289 (Session 5)
9. 91-Nikita Lastochkin, Exclusive Autosport, 1:20.7001 (Session 2)
10. 80-Kris Wright, Team Pelfrey, 1:20.9930 (Session 4)
11. 82-Aaron Telitz, Team Pelfrey, 1:21.2144 (Session 8)
12. 78-Leonard Hoogenboom, BN Racing, 1:21.3713 (Session 8)

USF2000 (Best Session); Full Results

Keane ended head of queue in USF2000. Photo: Indianapolis Motor Speedway, LLC Photography

1. 36-Darren Keane, Newman Wachs Racing, 1:25.1424 (Session 5)
2. 22-Andres Gutierrez, Pabst Racing, 1:25.5618 (Session 3)
3. 27-Callan O’Keefe, BN Racing, 1:25.6295 (Session 2)
4. 21-Hunter McElrea, Pabst Racing, 1:25.7021 (Session 5)
5. 31-Rasmus Lindh, Team BENIK, 1:25.7791 (Session 5)
6. 81-Jacob Loomis, Team Pelfrey, 1:25.8514 (Session 5)
7. 90-Parker Thompson, Exclusive Autosport, 1:25.8743 (Session 2)
8. 23-Lucas Kohl, Pabst Racing, 1:25.9792 (Session 6)
9. 37-David Osborne, Newman Wachs Racing, 1:25.9996 (Session 8)
10. 20-Aaron Telitz, RJB Motorsports, 1:26.0042 (Session 6)
11. 80-Michael D’Orlando, Team Pelfrey, 1:26.2295 (Session 8)
12. 37-Jake Craig, Newman Wachs Racing, 1:26.2452 (Session 4)
13. 25-Elliott Finlayson, BN Racing, 1:26.3668 (Session 8)
14. 32-Jaden Conwright, Team BENIK, 1:26.4557 (Session 2)
15. 38-Max Peichel, Newman Wachs Racing, 1:26.5058 (Session 2)
16. 33-Myles Rowe, John Cummiskey Racing, 1:26.6004 (Session 8)
17. 90-Justin Gordon, Exclusive Autosport, 1:26.6460 (Session 5)
18. 82-David Osborne, Team Pelfrey, 1:26.6824 (Session 2)
19. 34-Sabre Cook, John Cummiskey Racing, 1:26.9362 (Session 6)
20. 38-Oscar DeLuzuriaga, Newman Wachs Racing, 1:27.7455 (Session 8)
21. 92-Justin Gordon, Exclusive Autosport, 1:27.7750 (Session 3)
22. 24-Zoey Edenholm, BN Racing, 1:28.5449 (Session 8)
23. 93-Jayson Clunie, Exclusive Autosport, No Time

NOTES

Old USF2000 teammates Jamin and Telitz share a high-five. Photo: Indianapolis Motor Speedway, LLC Photography
  • Several drivers pulled double duty between series, namely Parker Thompson (Exclusive Autosport in Pro Mazda and USF2000), Carlos Cunha (Juncos Racing in Indy Lights and Pro Mazda) and Aaron Telitz (Team Pelfrey in Pro Mazda, RJB Motorsports in USF2000). Telitz (above) added a run in Pro Mazda in Team Pelfrey’s No. 82 car; the Wisconsinite has done a lot of the series’ testing for the new Pro Mazda Tatuus PM-18, and had hoped to run all three series. We’ll have more meanwhile on Thompson and Exclusive’s double in the days to come; the Michael Duncalfe-led team out of Saskatoon, Saskatchewan was one of three new Pro Mazda teams adding those cars to USF2000 efforts (Pabst Racing, BN Racing) this week.
  • There were a handful of drivers that changed cars or teams for Sunday’s second day of the test, primarily in USF2000. While Keane ran both days at Newman Wachs, the Brian Halahan-managed team ran David Osborne and Oscar DeLuzuriaga in the Nos. 37 and 38 cars, taking over from Jake Craig and Max Peichel. Osborne switched from Team Pelfrey, where he ran Saturday, and where Jacob Loomis ran Sunday. Justin Gordon ran a second Exclusive Autosport chassis, switching to the No. 90 on Sunday after running the No. 92 Saturday.
  • The PM-18 best lap set by Askew is more than three seconds faster than the series’ official track record (Pato O’Ward in 2016, at 1:22.8800, 105.941 mph). Askew’s best time of 1:19.8142 averages 110.010 mph around the 2.439-mile circuit. Neither the Indy Lights nor USF2000 cars eclipsed the existing lap records in those categories.
  • Drivers largely extolled the PM-18’s outright pace and potential with the horsepower upgrade, in what is a significant step forward for the series. “Following prototype testing of the new PM-18, I believed that we had a special race car and this weekend’s testing confirms that,” said Dan Andersen, Owner and CEO of Andersen Promotions. “Based on team and driver comments, this is a fantastic race car and I am very pleased with what Tatuus, Elite Engines and my team have assembled. It fits perfectly in between the USF-17 and the IL-15 in terms of lap times and, more importantly, it takes what a driver learns in the first step and introduces higher HP, higher grip and higher aero. This will be a great training car for years to come, and seeing our program now with three excellent and well-designed cars is very satisfying to me.”
  • Keane, one of the few veterans (relatively speaking) within USF2000 was plugged in this weekend as the only driver outside Pabst Racing to threaten the top of the timesheets. “It’s a good boost in confidence for me heading into next year. I am really happy with how everything is going with the team. They are a great group of guys and it’s just really good to see us improving and being where we want to be,” he said.
  • Rinus Veekay hailed the Indy Lights Dallara IL-15 Mazda this weekend in his first test there, although the talented Dutch teenager may well focus on Pro Mazda next season and shoot to win that championship, and continue his battle with Askew established in USF2000. “The car is very nice, quick,” noted VeeKay. “You can really feel the downforce and it was a pleasure to drive.”
Veekay. Photo: Indianapolis Motor Speedway, LLC Photography

The MRTI is done with official running for the year, but the $200,000 MRTI Scholarship Shootout remains in December at Wild Horse Pass Motorsports Park, the former Firebird Raceway, outside Phoenix. The winner of that will get a ticket into USF2000 for the 2018 season.

Full MRTI spring training will take place at Homestead-Miami Speedway in February 2018, with undoubtedly a bevy of driver and team announcements to come over the following months.