FIA self-restrained after F1 buyout

FIA president Jean Todt sounded modest with his assessment of recent change on the most important stage of F1. The Frenchman is, however, hopeful that the new long-term investment will propel F1 in the right direction after the initial uncertainty.

Formula 1’s major stakeholder CVC Capitals decided to sell its F1 stakes and managed to make a deal with Liberty Media Corporation. The American company acquired Delta Topco, the parent company of the Commercial Rights Holder organisation of Formula 1.

Many welcomed the new main stakeholder on board of F1 as the former company CVC Capitals were regularly blamed to only seek for revenue and dismiss the interests of fans.

The American Liberty Media is a mass media company founded in 1991. It is based in Colorado and is controlled by Chairman John C. Malone. The company has a wide profile as it is interested in movie production, TV production, broadcasting, cable television and also in sport management.

Despite many hope for better future for F1 in terms of commercial matters, the sport’s governing body FIA, which has one per cent stake in F1 and has the right to say the final say in the buyout of F1, seeks for further evaluation what the new line-up can bring.

“While it remains to be seen how this acquisition will influence the promotion of the FIA Formula One championship, we welcome this long-term investment in Formula One by a company that has such a broad portfolio of sports, media and entertainment businesses,” said FIA President Jean Todt.

“As motor sport’s governing body and regulator we acknowledge Liberty Media’s wide expertise in these fields and we look forward to working in close partnership with them in the future in order to further develop Formula One and bring it to new generations of motor sport enthusiasts around the world,” added the former Ferrari team principal and rally racer.