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Formula 1 faces big shake-up after Liberty deal
Formula One faces its biggest shake-up in decades with the announcement on Wednesday that U.S. cable TV mogul John Malone's Liberty Media has agreed to take control of the cash-generating glamour sport. The deal, which has an enterprise value of $8 billion (5.99 billion pounds) according to a company statement, heralds a new era for Formula One, a European-dominated sport that has long sought to break into the U.S. market and win fresh audiences. It could also accelerate the exit of 85-year-old Bernie Ecclestone, the Briton who has run the sport for nearly 40 years and built up a business with annual turnover of around $1.9 billion. Liberty Media said in a statement, which ended a...
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9y ago from GrandPrix247.com
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