F1 could be facing a massive fine from the EU

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It looks like Formula 1 is about to finally feel the heat from the European Commission as the institution inches closer to investigating the sport's takeover by Liberty Media.

British Member of the European Parliament, Anneliese Dodds is calling for a probe into the deal, claiming it was 'extremely likely' the sale to US company Liberty media broke European Law as a result of a conflict of interest by the FIA.

The sport's governing body had to green light the sale to Liberty, but as a shareholder of Formula 1, the FIA also stood to make almost an $80 million profit on the deal!

The FIA bought a 1 per cent stake in F1's parent company Delta Topco for $458,000 in July 2013.

MEP Dodds says this was a direct breach of an agreement struck between the FIA and the EU years ago, with the intent of precisely avoiding conflicts of interest.

FIA 'made nearly $80m' from Liberty's F1 takeover

A full investigation into the matter now been backed by the parliament's committee on economic and monetary affairs "and is expected to be voted through", according to Times correspondent Rebecca Clancy.

"The Commission is under no obligation to launch an investigation, but a successful vote would increase the pressure on it to do so," she added.

Clancy said one possible outcome for F1 is a fine of $168 million.

"We must ensure that we don't allow a sport loved by 500 million fans to become increasingly less competitive," British politician Dodds said.

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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.