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Formula
One is to be taken over by Liberty Media
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Liberty Media will continue
to build Formula One on the solid foundations laid down by Bernie Ecclestone
after its takeover, according to the sport's new chairman.
Press
Association report continues:
Chase
Carey has been appointed to the position after Liberty Media announced on
Wednesday that it had agreed a deal to acquire F1 in a move worth US$4.4billion
dollars (£3.3bn).
The
American entertainment and media giant is buying 100 per cent of the shares of
F1's parent company Delta Topco from the British private equity firm CVC
Capital Partners.
The
85-year-old Ecclestone will stay on as chief executive for the next three years
and work alongside 21st Century Fox vice-chairman Carey.
And
the American insists the takeover will enable the sport to grow and that there
is no intention to make wholesale changes despite the change of ownership.
"I
have nothing but respect for the business Bernie has built," Carey told
Sky Sports News.
"It
is a great business and the success speaks for itself but I think we can
continue to build it to it's full potential so I look forward to the future.
"We
are just going to build on what Bernie has done over the decades, it is an
evolution, this is a great sport, great brands, great franchises, great stars,
great technology and we want to make it everything it can be and work with
Bernie to make it bigger and better."
While
making the sport more popular in the United States - something Ecclestone has
championed for years - will be on the Liberty Media manifesto, Carey says that
is not the main reason for the purchase of F1.
"I
want to make it clear, we didn't make this move because of America," he
added.
"America
is an opportunity and if we can do anything in America it is long term rather
than short term, it'll take time to build the audience.
"But
there is a more passionate fan-base than anyone realizes in America, it is a
global sport and we are not looking to Americanize the sport.
"We
have great respect for the European foundations of it, Europe is critically
important to build on that and grow it in Asia and the Americas."
When
asked about the three-year continuation of his role, Ecclestone joked that he
hopes to simply be "alive and well" when the time comes, although
Carey added: "I don't want to look to the end date, I want to look to the
future, I'm looking forward to working with him, not the end date."
Liberty
Media, which is owned by American media mogul John Malone, and its sister
companies have interests that span from baseball's Atlanta Braves to Virgin
Media, and Malone owns shares in ITV, Eurosport and Formula E.
Liberty
Media president and chief executive Greg Maffei said in a statement following
the announced takeover: ''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.''
Liberty
Media will initially acquire an 18.7 percent minority stake before completing a
full takeover if the deal is approved by regulators and the FIA.
The
sport's governing body, the FIA, noted in a statement that it was awaiting
further details and its president, Jean Todt, said: "While it remains to
be seen how this acquisition will influence the promotion of the FIA Formula
One championship, we welcome this long-term investment in Formula One by a
company that has such a broad portfolio of sports, media and entertainment
businesses.
"As motor sport's governing body and regulator we acknowledge Liberty Media's wide expertise in these fields and we look forward to working in close partnership with them in the future in order to further develop Formula One and bring it to new generations of motor sport enthusiasts around the world."
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