Report: Liberty Media gears up to take F1 rights

Liberty Media is reportedly close to taking control of Formula One, buying ownership of the sport from controlling stakeholder CVC Capital.

According to a report by German magazine Auto Motor und Sport, the US$8.5 billion (€7.6 billion) deal is set to go ahead this week with Liberty Media due to pay the first of two tranches of payment.

Separately, Sky News reported that 21st Century Fox vice-chariman, Chase Carey, is likely to be named as chairman of F1’s parent company as soon as Monday.

Existing F1 chair Peter Brabeck-Letmathe, who has held the role for the last two years, will step down but is expected to remain on the board as a non-executive director, according to the report.

Sky said the appointment will come “just hours” before CVC Capital Partners signs over ownership of F1 to Liberty Media.

Private equity firm CVC Media is the biggest single shareholder in F1 with a 35% stake.