Liberty Media looks to shake up F1 shareholder base

Formula 1's new owner Liberty Media is working on a share offering which would considerably reduce the holdings in the sport of its current historical investors, according to Sky News.

CVC Capital Partners, the controlling shareholder in Delta Topco, F1's former parent, which sold Formula 1 to Liberty Media last year in an $8bn deal, still retains an interest in the sport, as do several other minority shareholders.

Liberty is looking to refresh its shareholder base with an offering to institutional investors which would acquire an estimated $1.55bn worth of newly issued shares in addition to the current shares of any original Delta Topco investors who wish to sell.

The latter group could indeed be enticed to finally part with their holdings at a nice premium given the increase in share price of the Formula One Group's tracking stock which is quoted on New York's Nasdaq under the ticker 'FWONK'.

The proposed offering is being co-ordinated by Goldman Sachs, JP Morgan and Morgan Stanley, according to banking sources.

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.