© Getty Images

Liberty Media offers $400m in F1 shares to teams

Leave a comment

Liberty Media has announced that $400 million worth of shares in Formula 1 will be set aside for teams to purchase following its acquisition of the sport.

Liberty announced in September that it had agreed to purchase F1 in an $8 billion deal, with final approval being given by the series’ governing body, the FIA, earlier this week. The takeover is set to be completed by the end of January.

Liberty issued a statement on Thursday confirming that it has allocated $400 million worth of shares to be bought by the teams racing in F1, with the idea being part of its mission statement after its initial offer was accepted.

“Liberty Media Corporation announced today that it intends to issue cash convertible senior notes in a private offering,” the statement reads.

“The notes will be convertible into cash in an amount determined by reference to the trading price of shares of Series C Liberty Media common stock (“LMCK”).

“Liberty expects to use the net proceeds of the offering to fund an increase to the cash consideration payable to the selling shareholders (the “Selling Shareholders”) of Formula 1 (“F1″) by $400 million and retain in treasury the approximately 19 million shares that would otherwise have been issuable to the Selling Shareholders based on the per share purchase price of $21.26. These LMCK shares will be reserved by Liberty for issuance to the F1 teams at a per share purchase price of $21.26.”

“We think it’s important to offer the teams the chance to invest in F1 and further align our interests,” Liberty president and CEO Greg Maffei said.

“We look forward to working with the teams to increase the appeal of this iconic sport and enhance the F1 business.”

F1 chairman Chase Carey added: “Several of the teams have expressed interest in investing and we have already begun productive discussions to make the sport more competitive and even more exciting.”

F1 2017 driver review: Lance Stroll

Getty Images
Leave a comment

Team: Williams

Car No.: 18
Races: 20
Wins: 0
Podiums: 1
Best Finish: P3 (Azerbaijan)
Pole Positions: 0
Fastest Laps: 0
Points: 40
Championship Position: 13th

Lance Stroll’s arrival in Formula 1 at the start of the 2017 was a far from smooth one despite a significant private testing program being undertaken in the months leading up to his grand prix debut.

Even with older hand Felipe Massa at Williams, Stroll looked uneasy behind the wheel of the FW40 car through the opening run of races as he failed to reach the checkered flag in any of his first three starts.

The Canadian was left deflated after his first decent effort in Bahrain was cut short after a clash with Carlos Sainz Jr., calling it his “rock bottom” moment – but things would turn around on home soil.

Stroll produced a stunning fight through the field to take an excellent P9 in Canada, proving his talent seen in Formula 3 the previous year and shushing many of his critics.

Better would follow two weeks later in Baku when Stroll became the youngest rookie in F1 history to score a podium, dodging a crazy race to finish third. It would have been second had he not lost a drag race against Valtteri Bottas to the line.

Stroll’s form then fluctuated greatly. He was sublime on occasion, the best examples being Monza, when he started a remarkable P2 on the grid and ended as the top midfielder in P7, or Mexico where he took a brilliant sixth.

But there were too many weekends he was a little anonymous. Sure, Williams didn’t have the best car this year, but perhaps a little better was expected from Stroll.

2018 will be an even bigger challenge as he looks to the lead the team when a new teammate arrives – and at only 19, it is a lot to handle. Nevertheless, there are positive signs to be found; you just need to look for them a little.

Season High: Taking a shock podium in Baku after dodging chaos in front.

Season Low: A poor opening two races in Australia and China.