New Owners Planning Formula One Evolution Not Revolution

08 September 2016 05:09

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.

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 4.4billion US 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 realises in America, it is a global sport and we are not looking to Americanise 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.

Source: PA-WIRE