Liberty Media acquire Formula 1

Formula One's Bernie Ecclestone has been asked to stay on for three years after an imminent takeover of the sport is completed by Liberty Media.

Ya es Oficial: Liberty Media compra la Fórmula 1

John Malone's Liberty Media have bought Formula 1 for 7.117 million euro. An initial payment of  3.914 million will made with a follow up payment plan agreed between both sides,

The US media giant will control 18,7% of the shares and Chase Carey, current vice president of 21st Century Fox, is set to be named as the new head of Formula 1 with Ecclestone staying on in the organisation

Chase Carey

The US based company announced the acquisition on their corporate websiite this evening and the new owners are set to announce changes in the near future.

Chase Carey, Chairman of Formula One, said: "I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone and the Liberty Media team. I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world. I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike."