Liberty Media’s takeover of Formula 1 has been given the green-light after the FIA’s World Motor Sport Council unanimously approved the deal.
Last season Liberty Media took the first steps in taking control of Delta Topco Limited, F1’s holding company, from CVC Capital Partners.
Having purchased a 19.1 percent stake in the sport, the takeover then had to gain approval from the appropriate anti-trust authorities, which it did in December, before being ratified by the FIA.
Representatives from the new owners, which will be renamed Formula One Group, made a detailed presentation of their strategy at a World Motor Sport Council meeting in Geneva on Wednesday.
Members were then given the opportunity to ask questions about the specifics of the agreement, the ongoing working relationship with the FIA and Liberty’s plans for the sport.
The council unanimously approved the deal.
An FIA statement read: “Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term.
“The World Motor Sport Council’s decision confirms the FIA’s belief that Liberty, as a renowned media organisation with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle Championship.
“The FIA holds a one per cent shareholding in Delta Topco. As part of the sale by CVC to Liberty Media Corporation, and in line with the agreements between the FIA and the Formula One Group, the FIA will be dragged along in the sale process under the same conditions as CVC and all the other shareholders.
“The FIA looks forward to working with the new owners of the Formula One Group on further developing the unrivalled global spectacle that is the FIA Formula One World Championship for all stakeholders.”