|Redbull Formular 1 cars.|
According to Carscoops; “the company confirmed that initially it will take an 18.7 per cent stake in F1 in a cash deal worth $746 million. Additionally, the executive vice president of 21st Century Fox, Chase Carey, will become the sport’s new chairman and will work alongside chief executive and commercial rights holder Bernie Ecclestone.
|Formular 1 Boss; Bernie Ecclestone|
In this initial deal, CVC Capital Partners will maintain its majority stake in Formula 1 but subject to approval, Liberty Media will ultimately acquire 100 per cent of the shares of Delta Topco, the parent company of Formula One.
All up, the media company will invest $4.4 billion equity into Formula 1 while also assuming $4.1 billion of F1’s debt. All up, the sport’s enterprise value is expected to sit at $8 billion when the deal is finalized in the first quarter of 2017″.