Sold to you! Liberty shareholders approve F1 buyout

Liberty Media says that its shareholders have voted to approve the buyout and takeover of Formula One.

The process which took place at Tuesday’s special meeting in Colorado included issuing new shares to fund the acquisition of the sport and rename its media group to ‘Formula One Group’.

The company, which already owned a 19.1 percent stake in F1, said in December it would raise $1.55 billion from investors to help deliver the cash portion of the transaction.

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US media tycoon and Liberty Media Chairman John Malone said: “The closing of the acquisition remains conditioned upon approval from the FIA, the governing body of Formula One.”

The FIA has called an extraordinary meeting of its World Motor Sport Council on Wednesday, likely to discuss F1’s acquisition before the governing body formally gives its green light.

Liberty Media’s  said that approval is likely “before the end of the first quarter in 2017”.

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