FIA welcomes Liberty Media’s plan to acquire Formula 1

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FIA president Jean Todt has welcomed the planned acquisition of Formula 1 by Liberty Media Corporation, but says the sport’s governing body remains keen to learn more details about the takeover.

On Wednesday night, Liberty confirmed it would be acquiring F1 in a deal worth $8 billion that will be completed fully by the spring of 2017.

The deal sees 21st Century Fox executive vice-president Chase Carey become the chairman of F1, while existing CEO Bernie Ecclestone will retain his position. The FIA will have to give its approval to the acquisition if it is to go ahead.

The FIA issued a statement on Thursday in response to the news, in which Todt shared his thoughts on the possible deal.

“The FIA was obviously not party to the negotiations surrounding the intended sale,” the statement reads.

“As such, 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.”

“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,” Todt said.

“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 motorsport enthusiasts around the world.”