Formula One sold to US media company?
The Formula One circus is set to be sold to the American media company Liberty Media, according to German trade magazine Auto Motor Und Sport.
The news came as F1 supremo Bernie Ecclestone spoke to the magazine on the sidelines of this weekend's Italian Grand Prix at Monza. The article reported that, according to Ecclestone, the deal will cost Liberty Media $8.5 billion to be paid in two installments.
Fiat Chrysler's Chief Executive Sergio Marchionne earlier said the industry as a whole had a vested interest in stability for Formula One.
Auto Motor Und Sport said Ecclestone did not specify what role he would play when the deal had gone through. It quoted him as saying: "I will do what I have always done. What role I play is my decision."
Ecclestone currently holds 5.3 percent of Formula One and his Bambino Trust has another 8.5 percent. The other main shareholders of Formula One are US fund manager Waddell & Reed (20.9 percent) and private equity firm CVC Capital Partners (35.5 percent).