Bernie Ecclestone

US tycoon’s Liberty Media to takeover F1 for $8.5 billion

US tycoon's Liberty Media to takeover F1 for $8.5 billion

US tycoon’s Liberty Media to takeover F1 for $8.5 billion

The deal is definitely done on the sale of F1’s majority stake by current owners CVC, according to multiple authoritative publications.

Auto Motor und Sport (Germany), La Gazzetta dello Sport and Sky (Italy), the Sunday Times (Britain) and Auto Bild (Germany) all agree that Liberty Media, headed by US tycoon John Malone, is buying F1 for $8.5 billion.

The Sunday Times said F1 supremo Bernie Ecclestone is “refusing to deny” that the first transaction will be done early next week.

And Auto Motor und Sport claimed: “When we asked, Bernie Ecclestone confirmed that the sale will be done in the coming week.”

The reports claim the sale will be done in two stages, with Ecclestone to definitely stay as chief executive in the initial, transitional phase.

“I will do what I have always done,” Auto Motor und Sport quoted the 85-year-old as saying.

“It is my decision what role I take.”

The report linked Formula E chief Alejandro Agag with Ecclestone’s role beyond the first phase.

Germany’s Auto Bild claimed that Ecclestone is still pushing for CVC to sell to a Qatar group, so that he definitely retains his role at the top.

F1 legend Gerhard Berger welcomed the news that CVC is selling.

“It will bring in fresh ideas,” he told the Italian broadcaster Sky at Monza, adding that the fact the new owner is American will also help.

“America is a nut that formula one never really cracked,” Berger added.

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