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Formula 1 FIA welcomes Liberty Media purchase

FIA president Jean Todt believes Liberty Media's intended purchase of Formula One represents a positive move for motorsport.

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Motorsport's global governing body has welcomed the intended acquisition of Formula One by the Liberty Media group.

It was announced on Wednesday that Liberty Media - which has stakes in several sports and entertainment businesses - had agreed a full takeover of the world's leading racing championship, subject to approval by regulators.

Long-time F1 supremo Bernie Ecclestone is set to remain as chief executive as part of the proposed deal.

A statement from the International Automobile Federation (FIA) on Thursday read: "The FIA was obviously not party to the negotiations surrounding the intended sale. As such, the federation awaits further information regarding the proposed terms of the transaction and welcomes the opportunity to discuss with all parties the possible consequences of this agreement on the promotion of the FIA's flagship championship.

FIA president Jean Todt added: "While it remains to be seen how this acquisition will influence the promotion of the FIA Formula One championship, we welcome this long-term investment in Formula One by a company that has such a broad portfolio of sports, media and entertainment businesses.

"As motorsport's governing body and regulator we acknowledge Liberty Media's wide expertise in these fields and we look forward to working in close partnership with them in the future in order to further develop Formula One and bring it to new generations of motor sport enthusiasts around the world."

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