The FIA World Motor Sport Council has approved the sale of Delta Topco and the Commercial Rights of the FIA Formula One World Championship to Liberty Media Corporation. The deal was agreed unanimously. The transaction will mean that 100 percent of the shares in Delta Topco will be owned by the Liberty Media Group.
Liberty made a detailed presentation of its strategy and members of the World Motor Sport Council had the chance to ask questions about the how the deal would work. The meeting was constructive and the aim seems to be to keep the relationship in that way in the longer term, rather than wasting energy fighting. The FIA share in Delta Topco, as agreed, will be sold under the same conditions as CVC and the other shareholders, in line with the drag-along agreements associated with the share, which was acquired by the FIA in 2013.
The FIA did not announce any agreements relating to the governance of the sport, but it is expected that these will follow later.
This was the last of the required clearances, following on from the various government agreements announced in December and yesterday’s vote by Liberty shareholders to push ahead with the planned takeover. This means that the deal is close to completion and thus the clock will soon start ticking on the three-year deal to keep Bernie Ecclestone in place as the CEO. It remains to be seen whether this will go full term.
Liberty is not expected to make any dramatic changes, but we do expect to see considerable change in the months ahead.