TV3 owners agree €7.1bn deal to buy F1

Liberty Media will take control of the racing league

TV3 owners agree €7.1bn deal to buy F1

Getty via Inpho

Liberty Media will take control of Formula One, in a deal which values the sport at $8bn (€7.1bn).

US oil tycoon John Malone who is the head of the entertainment and communication group purchased the controlling interest from CVC Capital.

Chase Carey, the executive vice-president of 21st Century Fox has been named as the chairman of the Formula One Group. Current chief executive Bernie Ecclestone will retain his position.

CVC took control of the sport back in 2006 for $2bn.

"The transaction price represents an enterprise value for Formula One of $8bn and an equity value of $4.4bn," a statement from Liberty read.

Greg Maffei, president and chief executive officer of Liberty Media, said:

"We are excited to become part of Formula One. We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders. We look forward to working closely with Chase Carey and Bernie Ecclestone to support the next phase of growth for this hugely popular global sport."

Chase Carey, the new chairman of Formula One, commented on the deal: "I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world. I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike."

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