Formula One sold to US firm in multibillion dollar deal

LONDON (AP) - Formula One is being bought by Liberty Media, a U.S. company that invests in entertainment and sports, in a takeover valuing the motorsport series at $8 billion.

Liberty Media, which is controlled by 75-year-old tycoon John Malone, has ended years of uncertainty about the ownership of the sport with Wednesday's deal .

The transition is due to be overseen by F1 CEO Bernie Ecclestone, who told The Associated Press that he will retain his role as the sport enters a new era.

Liberty Media will be renamed Formula One Group after the deal is complete, which is expected by March 2017.

F1's biggest shareholder is investment fund CVC Capital Partners.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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