End of an era: Formula One to be sold to American media group by owner Bernie Ecclestone
The long-awaited sale of Formula One to an American media group is to be completed next week, according to media reports on Sunday.
Monza: The long-awaited sale of Formula One to an American media group is to be completed next week, according to media reports on Sunday.
The well-sourced German magazine Auto Motor und Sport said that the sport's veteran commercial ring-master Bernie Ecclestone had confirmed the deal at the Italian Grand Prix.
The magazine reported that Ecclestone said Liberty Media will make the first of two payments on Tuesday in a deal valued at 8.5 billion dollars (7.6 billion euros, £6.5 billion).
If that goes through, according to well-informed paddock sources, current owners CVC Capital Parners, who hold a 35 per cent stake, will leave the sport.
Liberty Media Group, which is listed on the New York Stock Exchange, is expected to take control of the company that will run Formula One.
Ecclestone, 85, said his future with the business would remain in his hands. He told Auto Motor Und Sport: "I will do what I have always done. What role I play is my decision."
Verstappen is only three points behind Hamilton in the standings and could move ahead on Sunday. Hamilton is chasing a record-extending 100th F1 win.
“This is it. This will be my last season in Formula 1,” Kimi Raikkonen wrote on Instagram. "This is a decision I did during last winter. It was not an easy decision."
Lewis Hamilton, the 36-year-old seven-time champion, will have to contend with an much younger racing partner George Russell in a 'new age' formula following a radical regulations overhaul to create closer racing.