Ready, set, go: Liberty Media shareholders give green light to $4.4bn Formula One takeover

Francesca Washtell
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Spanish F1 Grand Prix
The takeover is expected to complete in the first quarter (Source: Getty)

Liberty Media shareholders have approved the group's $4.4bn (£3.6bn) takeover of Formula One, the company said this evening.

The acquisition, approved at a special meeting of the US media giant's stockholders, is expected to close before the end of the first quarter. However, it still remains conditional on gaining approval from the Formula One governing body, the Federation Internationale de l'Automobile.

The sale puts Formula One's enterprise value at $8bn.

Read more: Americans rev-up for F1 takeover

In September, John Malone's Liberty Media bought a minority stake in Formula One in a prelude to the equity takeover. It is acquiring the elite racing group from CVC Capital Partners.

Last month, US cable mogul Malone said the firm would raise $1.55bn to fund the buyout.

It is widely expected that Liberty will overhaul the motorsport, including selling race naming rights.

Read more: Liberty Media in pole position on Formula One deal with £6.4bn bid

The deal will cap a rapid turnaround in US commercial interest in the sport.

Chief executive of the sport, Bernie Ecclestone, is set to take a revamped role at the group, though details of his position have yet to be finalised.

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