F1 sale: Bernie Ecclestone to remain in charge as Formula One prepares for social media revolution after £3.3bn deal
A £3.3bn deal has been agreed for Liberty Media to takeover control as F1's owners
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Your support makes all the difference.Bernie Ecclestone will remain as chief executive after Liberty Media announced that it has agreed a deal to acquire Formula One in a deal worth 4.4bn US dollars (£3.3bn).
The American entertainment and media giant is buying 100 per cent of the shares of F1's parent company Delta Topco from the British private equity firm CVC Capital Partners.
Ecclestone will remain as chief executive but 21st Century Fox vice-chairman Chase Carey will become the new chairman.
Ecclestone told Autosport: "It has been decided I am to stay on as Formula 1 chief executive.
"I will continue to do all the things I have previously done, such as negotiate with the circuits, television companies and people like that.
"The good news is we will have someone on board in Chase [Carey], and he will hopefully be able to push F1 into new territories with social media.
"As you know I've never found a way to make money from social media."
Liberty Media, which is owned by American media mogul John Malone, and its sister companies have interests that span from baseball's Atlanta Braves to Virgin Media, and Malone owns shares in ITV, Eurosport and Formula E.
Liberty Media president and chief executive Greg Maffei said: "We are excited to become part of Formula One. We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders.
"We look forward to working closely with Chase Carey and Bernie Ecclestone to support the next phase of growth for this hugely popular global sport."
Liberty Media will initially acquire an 18.7% minority stake before completing a full takeover if the deal is approved by regulators and the FIA.
Carey said: "I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team.
"I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world.
"I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike."
Liberty Media will also want to grow F1's presence in the United States, where it has traditionally struggled against home-grown alternatives, although the US Grand Prix in Austin has been a relative success.
And F1 fans should expect more innovations with gaming technology and virtual reality, as well as a much more coherent marketing effort with the drivers and teams. But the days of terrestrial broadcasters like the BBC, ITV or current domestic home Channel 4 providing free-to-air coverage on Sunday afternoons might be numbered.
PA
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