Liberty Media a step closer in acquiring F1

F1 update: Liberty Media’s plans to take control of Formula 1 took a further step forward on Tuesday as stockholders voted in favor of its proposed bid, and approved a name change to “Formula One Group”.

The American media company, which already had a 19.1 percent stake in F1, last month revealed it had raised a further $1.55billion from investors to help increase the cash portion of its shareholding in F1.

Today, following a stockholder meeting in Colorado, a statement was released that read: “The holders of its common stock entitled to vote thereat approved (i) a proposal relating to the issuance of shares of Series C Liberty Media common stock in connection with its pending acquisition of Formula 1 (the “Acquisition”) and (ii) a proposal relating to the adoption of the amendment and restatement of Liberty Media’s restated certificate of incorporation to effect the name change of the “Media Group” and the “Liberty Media Common Stock” to the “Formula One Group” and the “Liberty Formula One Common Stock,” respectively.”

The F1 acquisition remains conditional upon approval from the FIA, the governing body of Formula 1. It has called an extraordinary meeting of its World Motor Sport Council on Wednesday.

This gathering will likely be a precursor to the FIA giving its required blessing to the Liberty takeover.

The American’s company’s acquisition is expected to close before the end of the first quarter in 2017.

Category: Formula One