Liberty Media leading race to buy Formula One

Liberty Media, controlled by American tycoon John Malone, is leading the battle to buy Formula One with the broadcaster Sky also in the hunt.

Liberty Media, which owns a collection of media, telecoms and entertainment assets, is in talks with the private equity group CVC about a deal for the Formula One parent company, Delta Topco.

Other companies who have looked at a deal to buy the motorsport include the Qatari owners of football club Paris Saint-Germain. Liberty Media’s sister company Liberty Global, which owns telecom groups around the world, including Virgin Media, has also taken a look at Formula One. Apple has also been linked.

It will cost about $8.5 billion to take control of Formula One. Liberty Media could initially buy a minority stake in Formula One, which would not require regulatory approval, before acquiring a majority stake, according to Sky News, which first reported the story.

CVC has made billions from Formula One through dividends and selling down its stake. However, the sport is under pressure to become more entertaining due to the dominance of Mercedes, whose drivers are Lewis Hamilton and Nico Rosberg.– (Guardian Service)