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F1 governing body welcomes investment

Friday, 9 September 2016

20160908T184910Z_2_LYNXNPEC871DY_RTROPTP_3_NICARAGUASPORTS

 

LONDON (Reuters) – Jean Todt, the head of Formula One’s governing body which has to approve any takeover of the sport, said on Thursday he looked forward to working with new owners Liberty Media and welcomed the U.S. company’s investment.

The International Automobile Federation (FIA) said in a statement that it had not been involved in negotiations for Liberty to acquire Formula One’s parent company from CVC Capital Partners.

Todt, a former Ferrari team principal, said the FIA welcomed the long-term investment by a company with extensive interests in sport, media and entertainment.

Liberty Media has acquired an initial 18.7 percent stake from CVC and plans to compete a cash and shares deal by the first quarter of 2017.

The company is owned by U.S. mogul John Malone, whose 40 years of dealmaking in the cable and pay-TV industry have earned him the nickname the “Cable Cowboy”.

Source by: Internet

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