Sold to you! Liberty shareholders approve F1 buyout

40

Liberty Media says that its shareholders have voted to approve the buyout and takeover of Formula One.

The process which took place at Tuesday's special meeting in Colorado included issuing new shares to fund the acquisition of the sport and rename its media group to 'Formula One Group'.

The company, which already owned a 19.1 percent stake in F1, said in December it would raise $1.55 billion from investors to help deliver the cash portion of the transaction.

Liberty could save the British GP, says BRDC chairman

US media tycoon and Liberty Media Chairman John Malone said: "The closing of the acquisition remains conditioned upon approval from the FIA, the governing body of Formula One."

The FIA has called an extraordinary meeting of its World Motor Sport Council on Wednesday, likely to discuss F1's acquisition before the governing body formally gives its green light.

Liberty Media's said that approval is likely "before the end of the first quarter in 2017".

GALLERY: F1 drivers' wives and girlfriends

Keep up to date with all the F1 news via Facebook and Twitter

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.