Formula 1 is now at the hands of media giant Liberty Media, after the confirmation of buying the sport and closing the deal at $8 billion.
The sport was in previously in control by CVC Capital Partners. Reports said that only a partial stake would be sold at first.
Liberty media will first take an 18.7 percent stake in F1 in a cash deal worth $746 million still making the CVC Capital the main shareholder of Formula 1, subject to approval.
Liberty will, however, get 100 percent of shares from Delta Topco, Formula One's Parent company. CVC will still be a shareholder, but the voting shares that controls the group will now be at Liberty.
"The transaction price represents an enterprise value for Formula One of $8bn and an equity value of $4.4bn," --Liberty Media
Chase Carey, executive vice president of 21st Century Fox, is now the sport's new chairman. He takes the position of Peter Brabeck-Letmathe, who is now a non-executive director of Formula One board.
"I am thrilled to take up the role of chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team," said Carey.
Bernie Ecclestone, Formula One's big boss will remain in his position as CEO of the said sport. Ecclestone owns a 5.3 percent stake in the company and is expected to earn of $400 million (£300 million) from the said deal.
Greg Maffei, President and CEO of Liberty Media is also thrilled in handling Formula One:
"We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders. We are excited to become part of Formula One."
"Formula One teams will be given the opportunity to participate in the investment into the sport, and some have already declared an interest in doing so"--Liberty Media
With new owners, Formula One is expected to take on new heights, target new audiences and fans.
See Now: OnePlus 6: How Different Will It Be From OnePlus 5?
