Formula 1 takeover completed in multi-billion dollar deal

TV3 and Virgin Ireland owners Liberty Media have taken charge of the sport

BY Daniel Kelly 07:38 Tuesday 24 January 2017, 7:38 24 Jan 2017

Picture by Michael Probst AP/Press Association Images

After almost 40 years in charge of Formula 1, Bernie Ecclestone's tine in charge of the sport has officially ended.

American company Liberty Media, which owns Virgin Media and TV3 in Ireland have taken charge of the company, having previously been a minority shareholder. Last week, Liberty Media confirmed they hoped the deal would go through in the first quarter of the year. 

Ecclestone has been named the new Chairman Emeritus of the sport, starting immediately. He said he felt the future of Formula 1 is in good hands.

"I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with. I’m very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase [Carey] will execute his role in a way that will benefit the sport.”

While Ecclestone will remain involved in the sport, Chase Carey is to become the new face of governance in Formula 1, becoming the new Chairman and CEO.

"I would like to recognise and thank Bernie for his leadership over the decades. The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family. Bernie’s role as Chairman Emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved."

The 2017 season begins on March 26th in Melbourne at the Australian Grand Prix.

 

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