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Liberty shareholders to vote on F1 purchase plan
Liberty Media's shareholders have been called to a meeting early next month to vote on proposals to push through with its planned purchase of Formula 1.
Jonathan Noble
Edited: Dec 9, 2016, 4:28 PM
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The American media company has a 19.1 percent stake in the F1 company and, providing it gets clearance from anti-trust authorities, then it intends to take a controlling interest next year and rename itself the Formula One Group.
Although Bernie Ecclestone suggested last week he was unsure if the deal would go ahead as originally planned, Liberty announced on Friday that its shareholders will gather on January 17 to discuss the matter.
It stated that at the meeting the shareholders will "vote on proposals relating to Liberty's issuance of shares of its Series C Liberty Media common stock in connection with the proposed acquisition of Formula 1 and the renaming of the Liberty Media Group and the Liberty Media common stock to the Formula 1 Group and the Liberty Formula 1 common stock."
Speaking to Motorsport.com recently about the Liberty deal going through, Ecclestone said: "I've never counted their money. I don't know their company, so I have no idea. They paid what they had to pay, they bought 10 percent of the company and they paid.
"I'd be surprised if it didn't happen, but if it doesn't happen, it doesn't happen. CVC will still own their shares, less what they sold. Liberty will have 10 percent. They'll have the same amount of shares, actually a bit less, than my family have."
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