TV3 owners consider F1 takeover bid

Apple has also been linked with a move to buy the sports property...

TV3 owners consider F1 takeover bid

Kimi Raikkonen of Finland and Ferrari steers his car during a testing session at the Catalunya racetrack in Montmelo just outside of Barcelona, Spain, Thursday, March 3, 2016. (AP Photo/Manu Fernandez)

US oil tycoon John Malone's Liberty Media is considering a bid to take control of the Formula One (F1) racing league. Sky News reports that this deal would be worth $8.5bn (€7.8bn) and it would result in F1 floating on New York’s Nasdaq stock exchange.

The British outlet says that talks have taken place between F1 and Liberty.

The proposed deal would be financed through a mix of cash and stocks and would be subject to approval from the FIA - motor sport's international governing body.

Liberty owns Virgin Media's Irish operation, as well as TV3.

Its sources indicate that Chase Carey, a former DirecTV and News Corporation executive would become chairman of the parent company. He currently sits on the board of 21st Century Fox and is a director of Sky plc.

F1 boss Bernie Ecclestone said in March that two parties have serious takeover proposals on the table.

Apple has been linked to a move to buy part of the company - although it would be a surprise decision if the tech giant did get involved with the sport. The Qatari owners of Paris Saint-Germain have also been linked with a takeover.