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FIA reacts to F1's acquisition by Liberty Media

NEWS STORY
08/09/2016

The FIA has issued a brief statement in the wake of Liberty Media's $8bn acquisition of Formula One.

It reads:

The FIA was obviously not party to the negotiations surrounding the intended sale. As such, the Federation awaits further information regarding the proposed terms of the transaction and welcomes the opportunity to discuss with all parties the possible consequences of this agreement on the promotion of the FIA's flagship championship.

Commenting on the sale, FIA President Jean Todt said: "While it remains to be seen how this acquisition will influence the promotion of the FIA Formula One championship, we welcome this long-term investment in Formula One by a company that has such a broad portfolio of sports, media and entertainment businesses.

"As motor sport's governing body and regulator we acknowledge Liberty Media's wide expertise in these fields and we look forward to working in close partnership with them in the future in order to further develop Formula One and bring it to new generations of motor sport enthusiasts around the world."

It's worth noting that the FIA holds a 1% stake in Delta Topco, the parent company of Formula One, and, as Liberty Media made clear in its announcement yesterday , has to give its approval to the deal.

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READERS COMMENTS

 

1. Posted by Editor, 10/09/2016 9:23

"@ The Stogie

What if they are in a position where they cannot say anything?"

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2. Posted by mickl, 09/09/2016 16:28

"@the stogie- The 1% they hold maybe a large proportion of the voting rights. Not all shares are equal.

Either way it looks like the sport may be fubar'd big time."

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3. Posted by nonickname, 09/09/2016 14:38

"The little frog in Toad Hall."

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4. Posted by The stogie, 09/09/2016 1:44

"'has to give its approval to the deal''? So the FIA, with ONE percent', gets a say??? Wow. What if they say no? "

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