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Liberty not in F1 to ‘take the money’ - Carey
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Formula One Group’s new chairman Chase Carey insists Liberty Media’s purchase of the sport is not solely aimed at “taking the money”. John Malone’s mass media conglomerate recently agreed to acquire Delta Topco - Formula One's parent company - in a deal that values the sport at $8bn (£6bn). Liberty has placed 21st Century Fox vice-chairman Carey as chairman alongside long-standing F1 supremo Bernie Ecclestone, who continues as CEO. Liberty will replace CVC Capital Partners as majority shareholders, though the private equity firm will remain involved as “65% owners of the Formula One Group's equity”. F1 has been very profitable to CVC since it took a 35% controlling...
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