Formula One just sold to U.S. based company Liberty Media for $8.5 billion
Formula One has a rich history in Europe. The United States has never been a big ...
Formula One has a rich history in Europe. The United States has never been a big player in the F1 series. Actually, the United States only has one FIA certified track for Formula One racing; Circuit of the Americas. While we may not have the most tracks, Liberty Media, a company based in the United States, has finalized purchase of the multi-billion dollar company.
Bernie Ecclestone, the boss of Formula One, has been running the series for 40 years. He’s at a ripe age of 85 years-old and looks to be ready to step down and let somebody else call the shot. Recently, he was quoted saying the Formula One as it is today is “crap.” While this isn’t very encouraging coming from the guy who runs it, this didn’t cause any hesitation for Liberty Media who agreed to the $8.5 billion evaluation.
Currently, the commercial rights are split up between Bernie’s 5.3%, CVC Capital Partner’s 35.5%, Waddell & Reed 20.9% and Bambino Trust with 8.5%. For now, Liberty Media is only buying 18.7% of the company, but eventually will take over completely. Chase Carey, the executive vice president of 21st Century Fox, is going to be named chairman and Ecclestone is expected to go nowhere for now. He acts like he isn’t ready to go anywhere, but we’re sure his time to put down the hat will come soon.
Liberty Media, a Fortune 500 company, owns multiple large media companies and has stakes in even more. They’re headed by billionaire American business executive John C. Malone. They own the Atlanta Braves, MacNeil Productions, portions of Starz Media, Encore and much more. They’re a media giant and they’re looking to put their stake in the world of motorsports. While their motorsports experience isn’t impressive, we’re sure that they will take Formula One to the next level.