Formula 1 to be sold this week

The long-awaited sale of Formula One to an American media group is to be completed next week, according to media reports yesterday

Monza: The long-awaited sale of Formula One to an American media group is to be completed next week, according to media reports yesterday.

Bernie Ecclestone

The well-sourced German magazine Auto Motor und Sport said that Bernie Ecclestone had confirmed the deal. 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.

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 F1.

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