© Getty Images

Liberty Media raises $1.55bn to support F1 takeover

Leave a comment

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.

IndyCar teams with NASCAR on IMS road course doubleheader in 2021

IndyCar NASCAR doubleheader 2021
Jamie Squire/Getty Images
Leave a comment

The NTT IndyCar Series will be sharing Indianapolis Motor Speedway with the NASCAR Cup Series in a race weekend doubleheader for the second consecutive season, but both series will be on the road course in August 2021.

IMS announced Wednesday that IndyCar will hold an Aug. 14, 2021 race on its 14-turn, 2.439-mile road course. It’ll be a day before NASCAR’s premier series runs the same layout for the first time after the Brickyard 400 was contested on the 2.5-mile oval for the first time in 27 years.

This season’s rescheduling of the IndyCar GMR Grand Prix to July 4, 2019 (a day before the Brickyard 400) led to the first NASCAR-IndyCar doubleheader weekend. The Xfinity Series also raced on the IMS road course for the first time July 4 after the IndyCar race ended.

INDYCAR AT IMS THIS WEEKEND: Harvest GP schedule, entry lists

IndyCar will be holding its second race weekend this year at the IMS road course Friday and Saturday with the Harvest GP.

“Our first NASCAR-INDYCAR weekend was a big success last July, with positive feedback from
our loyal fans who watched the races on NBC and from the drivers, teams and participants
involved,” IMS president Douglas Boles said in a statement. “The Xfinity Series’ debut on the IMS road course provided exactly the kind of thrilling action from the green to checkered flags that we anticipated, so we know the teams and drivers of the Cup Series will put on a great show as they turn left and right for the first time at IMS.

“We can’t wait to welcome back fans to see NASCAR and INDYCAR together during this
exciting weekend as we add another memorable chapter in the long, storied history of the
Indianapolis Motor Speedway.”

It also will mark the first NASCAR Cup-IndyCar doubleheader with a crowd as fans weren’t permitted at IMS in July because of the novel coronvavirus (COVID-19) pandemic.

Over the course of Wednesday, NASCAR is releasing its 36-race slate for next season. IndyCar has yet to release its full 2021 schedule.