Liberty Media Group gets F1 acquisition anti-trust approval

Liberty Media Group announced it has received all anti-trust approvals required for its acquisition of Formula 1. Shareholder meeting to approve scheduled for January 17, 2017; acquisition expected to close in Q1 2017.

 

JANUARY 18, 2017

Liberty still seeking FIA green light



Only one hurdle remains as F1's new owner Liberty Media looks to complete its buyout of the sport.

This week, Liberty's shareholders got together in Colorado to vote on the F1 acquisition, the company headed by US media tycoon John Malone confirmed in a statement.

It said shareholders duly "approved" the purchase, including an official change of name to "Formula One Group".

Liberty said: "The closing of the acquisition remains conditioned upon approval from the FIA, the governing body of formula one."

The company said that approval is likely "before the end of the first quarter in 2017".

 

04:26

Bernie Ecclestone's reign of F1 may draw to a close by the end of the month, according to Sky News.

City Editor Mark Kleinman reports that, following approval of Liberty Media's takeover of the sport, Ecclestone will step down as chief executive and 'an announcement could be made as soon as the first half of next week.'

However, Ecclestone's involvement in the running of the sport will not necessarily come to a complete halt.

'The sport's veteran boss has been offered a less hands-on role - with a title such as life president - but Liberty Media is determined to demonstrate that it is taking F1 into a new era by pursuing a radical overhaul of its commercial operation' (Full story)

 

the hits keep on comin......

New F1 owners set for boardroom shake-up(pub Jan. 21,2017):

New F1 owners set for boardroom shake-up | F1 News

 

A true shock in this paragraph from the link above lol

--F1's new shareholders are said to have been surprised at the comparatively undeveloped approach to exploiting its commercial rights compared to other global sports franchises.--

 

I see that as a criticism of Bernie's way of making business.
He hasn't caught on with social media and avoids them.

Liberty may be a breath of fresh air to F1 and have a more energetic approach.
It's a bit like Trump in the White House: "From now on ...."

 

Fresh hair....Trump...LOL...

 

Well spotted !!!

 

Except you've changed it.....I'm disappointed...in what seemed to be a decent Englishman

 

Bernie Ecclestone could step down as F1 chief this week

Bernie Ecclestone could step down as F1 chief this week - BBC Sport

 

Exclusive: Liberty Planning More Pay TV For F1

Exclusive: Liberty Planning More Pay TV For F1

 

Which will have a knock-on effect of the ratings and dwindling appeal for team sponsors and TV advertising revenue.

 

New thinking I supposed LOL

 

Interview on squak box (CNBC) 40sec. long

Formula One's new chief wants to make auto races around the world like Super Bowls:

Liberty completes F1 takeover, Ecclestone replaced

 

Ambitious programme; we will see if it's sustainable in every country!

 

JANUARY 30, 2017

FIA fair amid $80m windfall controversy says Carey



Chase Carey says the FIA is "fair" and "even-handed", amid a bubbling controversy that could spell trouble for Liberty Media's F1 buyout.

Because the governing body owns a 1 per cent stake in F1's commercial rights, some believe the fact the FIA had to approve the Liberty deal as a regulator reveals a blatant conflict of interest.

That is because the FIA benefitted to the reported tune of $80 million through the Liberty buyout.

According to F1 business journalist Christian Sylt, that is in defiance of a 2001 agreement with the European Commission by which the FIA vowed to only be "a sports regulator".

"It is not a reflection on Liberty's ambition for F1 or whether they are adequate as an owner," UK parliamentarian Damian Collins is quoted by ITV. "It's a question of whether the FIA discharged its duties responsibly."

But new F1 chief executive Chase Carey is apparently unmoved by the controversy about the FIA's behaviour.

"My experience of them is a handful of months," he said. "They regulate the sport in a fair and even-handed way."

The Paris-based Federation did not comment.

 

FEBRUARY 9, 2017

Schumacher manager questions F1's Liberty buyout



Michael Schumacher's former manager is not so sure the takeover by Liberty Media will really be good for F1.

So far, since the US media group took over from controversial former owner CVC, most commentators have said Liberty's modern savvy should help F1 step up a gear.

But Willi Weber, who famously guided F1 legend Schumacher into the sport in the 90s, is not so sure 'Americanisation' will be good for grand prix racing.

"The Americans make a circus out of every sport," he told Germany's Sport Bild.

"Now they'll want to make every race a big event, inviting famous actors and letting the spectators get closer to the audience than in the Bernie (Ecclestone) era.

"But the Americans will never fight for a formula one ticket -- they would just rather go somewhere else. So I think that the premium feeling about formula one will be lost.

"The new owners have no racing feeling -- they just want to make money," Weber added.

Weber also commented on the future of Sebastian Vettel, as many say the German's attempt to emulate Schumacher's feats at Ferrari has already failed.

Weber agrees: "If it is not much better this season, then Vettel must go. Even when they (Ferrari) pour wine at lunch again, it is clear -- no more."

Finally, 74-year-old Weber commented on the fate of his old friend Schumacher, saying he has no information about the seven time world champion after being shut out by the family and new management.

"There seems to be a fear that I would reveal something about Michael's condition," he said. "But I would never do that. I would sign any clause of secrecy.

"Regardless of this, I consider it only right to explain three years after his accident to his millions of fans, how he (Schumacher) is.

"I pray for Michael," said Weber. "Hope dies last."

 

I share Willy Webber's doubt regarding the Americanisation of F1.

In the US, almost everything is turned into a money-making circus.

 

European parliament backs call for Formula 1 investigation - F1 - Autosport

 

FEBRUARY 17, 2017

Rumours of 4x4 F1 cars, FOTA reunion



A new political storm could be on the horizon for formula one.

The sport's new owner Liberty Media has been generally welcomed to the paddock, but 1996 world champion Damon Hill compared the company to "the Trump administration".

"I think they're learning," he told the London publication City AM.

The latest rumour flowing out of Portuguese media sources is that some in F1 want the controversial current engine regulations to take a further step forwards for the post-2020 period.

Mercedes' Toto Wolff told German newspaper FAZ recently: "We have to look at how we can pull even more power from these hybrid engines.

"Formula one is the fastest laboratory in the world and we must not abandon that."

His comments come amid strong contrary opinions that F1 should actually abandon its 'green' credentials and focus more on the spectacle, with loud, fuel-guzzling engines in the future.

But the Portuguese rumour is that the post-2020 vision could be of the existing traditional engine allied to MGU-H and MGU-K, but with additional 'hybrid' elements incorporating the front wheels as well.

A source told us: "Mercedes and Honda would be keen on this kind of technology. Personally I'm excited about the prospect of 4x4 F1 cars."

But a potential dispute over the post-2020 engine regulations is not the only future prospect. There are also fundamental disagreements about how the sport's huge revenues should be split, with some believing the current system is even "anti-competitive".

Hill continued: "I think it is worth asking those questions. We do appear to have a situation where teams are favoured. Particularly Ferrari is a little bit more than everyone else and seems to get some sort of preferential treatment."

Amid that talk, another rumour is that there could be a move to put the former teams alliance - or FOTA - back together, after it dissolved in 2014.

"I created FOTA to ensure that the drivers were again at the centre," Flavio Briatore told Italian broadcaster Sky Sport 24 recently.

"Those watching TV don't care if the engine can go to the moon or not. They want the drivers in cars that have more or less the same performance."

 

Spending the money!


MARCH 3, 2017

Liberty picks location for new F1 HQ




Liberty Media has selected the location of F1's new official headquarters.

When the buyout deal was completed, new CEO Chase Carey announced that ousted Bernie Ecclestone's current offices in London - where the long-time F1 supremo also lives - are "too small" for the Liberty era.

Now, it emerges that F1 will move into the fourth and fifth floors of the $500 million London development in St James' Market.

"Formula one is a global sport, attracting audiences of 400 million, and London is the perfect place to grow our international fan base," said F1 official Sacha Woodward Hill.

 

MARCH 6, 2017

Ferrari buys into F1?



Ferrari has bought into formula one, according to reports in the Italian and Spanish media.

New owner Liberty Media made the official offer regarding F1's commercial rights to teams last September, but until now none took up the offer of shares.

But the Spanish sports daily AS reports that Ferrari has now confirmed in official documents that it bought F1 shares to the tune of $11.4 million.

The transaction took place at the end of February, the newspaper added.

Meanwhile, McLaren team boss Eric Boullier was asked by Italy's La Gazzetta dello Sport if the British team will be buying shares in F1.

"I cannot answer," the Frenchman said.

More broadly about Liberty Media, however, he said: "We have our own ideas about what could be helpful to F1 and we are keen to know the plans of Liberty, to understand the end product they have in mind.

"Certainly their strategy seems different from that of Bernie Ecclestone -- they want to change the grands prix and are trying to involve the teams, sponsors and all the players so that nobody is left on the margins," Boullier added.

 

MARCH 13, 2017

Liberty boss hints at F1 engine rule changes



Liberty Media boss Greg Maffei has hinted F1 needs to make changes to its current engine regulations.

Last week, FIA president Jean Todt ruled out a return to screaming V8, V10 or V12 engines, declaring it would "not be accepted by global society".

But the volume of the current 'hybrid' power units remains highly controversial, and apparently has not escaped the notice of the sport's new owners.

"Yes, there are some things to do around the engines, there are some things to do around the DRS system, there are a few things to do to try to balance the amount of money the teams get," Liberty chief executive Maffei is quoted by the Spanish sports newspaper AS.

He also revealed that moves are afoot to bring back some European circuits that have become lost to the F1 calendar.

"There are always races that come and go," said Maffei, "but it's more negative when it's a traditional European race which is in the heart of the fans.

"We have already started a process to bring some of these circuits back."

And he said some race weekends must be made more exciting overall.

"We will take as reference the best grands prix, such as Mexico, Singapore and Abu Dhabi, and bring what happens there to the traditional tracks," said Maffei.

 

So far I'm thoroughly impressed with Liberty. They're doing a lot of stuff I would try to do as well.

With Todt moaning that we should really only have Toyota Prius engines, what if the teams and Liberty made a ''pact'', and all turned up with epic engines...what would Todt do? Wave the white flag? Or put the green flag at half mast?

 

You know what should happen to the F1 Toyota Prius engines!!