Liberty Media has got unanimous approval from Formula 1’s governing body, the FIA, to take over the series.
The final major hurdle in Liberty Media’s F1 takeover has been cleared, with the FIA voting unanimously in favour of it.
Liberty’s shareholders met on Tuesday to go over the plans and gave it the green light, but it still needed to be accepted by the FIA.
It previously purchased an initial 18.7 per cent stake in Delta Topco, the parent company of F1, with the hope of later taking over 100 per cent of the shares.
That plan got one step closer after the World Motor Sport Council meeting, where Liberty shared its plans for taking over F1 and answered questions from members.
We imagine it was a pretty long and detailed meeting. It was then put to a vote, with the proposal from Liberty amazingly getting unanimous approval from the FIA. The final big hurdle has been cleared!
A statement from the FIA said the decision “confirms the FIA’s belief that Liberty, as a renowned media organisation with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle Championship”.
The takeover of F1 is (excitingly) set to be completed in the next few weeks, possibly by the end of March. So, big changes are coming to F1, but they could be just what it needs.