Formula 1 sold to US media group

Formula One has changed hands, bought by US company Liberty Media Corporation for around $8billion.

The exact financial workings of the deal are complex, but essentially Liberty Media will take control of F1 in a two-step process to be completed in the first quarter of 2017 which will see it become the majority shareholder with a 35.5 per cent stake.

Current owners, private equity firm CVC Capital Partners, will retain a large stake (24.7 per cent) and also have a representative on the Liberty Media board of directors.

F1's new chairman will be 21 Century Fox executive vice president Chase Carey, however Bernie Ecclestone will remain CEO.

The change in ownership is expected to benefit F1, with Liberty Media said to be taking a long-term view of the sport, including broadening its audience via new broadcast platforms and giving the teams a stake in the sport to improve stability.