Photo: F1 on Facebook
67 years on, Formula 1 continues to be the highest class of single-seat motor racing sanctioned by the FIA. Over the years, the Fédération Internationale de l'Automobile had a lot to do with how the sport changed, cars, drivers, and regulations included.
A tremendous change is in store for F1 fans in 2017, a season that will see wider tires, more aerodynamic trickery, and tremendously higher cornering speeds. And Valtteri Bottas acting as Hamilton’s colleague at Mercedes.
Behind the scenes, however, there’s an even bigger change on the horizon. An American company dubbed Liberty Media acquired 18.7 percent of Delta Topco, the entity that owns the Formula 1 Group. Liberty Media made it crystal clear that it intends to raise the stake to 100 percent in order to control every aspect of the sport. And Liberty will be able to keep its promise.
At the World Motor Sport Council in Geneva, the FIA “has unanimously approved the change of control” in favor of Liberty Media. So to speak, CVC Capital is now obliged to sell the remaining shares in Delta Topco. Now that the sale’s conditions have been decided, Liberty will now take full control.
According to Chase Carey, a gentleman who’s business card reads Chairman of Formula 1, Liberty should finalize the deal by the end of the month. If you were wondering how this sale will change the sport for the better, Liberty Media announced a proposed private offering of cash convertible senior notes to buy $400 million of common stock shares to be held for the teams.
Greg Maffei, the president and chief executive officer of Liberty Media, explained: "We think it's important to offer the teams the chance to invest in F1 and further align our interests. We look forward to working with the teams to increase the appeal of this iconic sport and enhance the F1 business."
By offering the teams the chance to get in the financial aspect of Formula 1, Liberty Media is providing them with the chance of changing the sport for the better. And when the teams get down to business, you know the racing will get better than it is today. Win-win situation? You betcha!
Behind the scenes, however, there’s an even bigger change on the horizon. An American company dubbed Liberty Media acquired 18.7 percent of Delta Topco, the entity that owns the Formula 1 Group. Liberty Media made it crystal clear that it intends to raise the stake to 100 percent in order to control every aspect of the sport. And Liberty will be able to keep its promise.
At the World Motor Sport Council in Geneva, the FIA “has unanimously approved the change of control” in favor of Liberty Media. So to speak, CVC Capital is now obliged to sell the remaining shares in Delta Topco. Now that the sale’s conditions have been decided, Liberty will now take full control.
According to Chase Carey, a gentleman who’s business card reads Chairman of Formula 1, Liberty should finalize the deal by the end of the month. If you were wondering how this sale will change the sport for the better, Liberty Media announced a proposed private offering of cash convertible senior notes to buy $400 million of common stock shares to be held for the teams.
Greg Maffei, the president and chief executive officer of Liberty Media, explained: "We think it's important to offer the teams the chance to invest in F1 and further align our interests. We look forward to working with the teams to increase the appeal of this iconic sport and enhance the F1 business."
By offering the teams the chance to get in the financial aspect of Formula 1, Liberty Media is providing them with the chance of changing the sport for the better. And when the teams get down to business, you know the racing will get better than it is today. Win-win situation? You betcha!
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