The Governing body of motor sport, the FIA, has approved the sale of the sports commercial rights to Liberty Media.
The American based company held a shareholders meeting on Tuesday that saw them agree to the purchases of shares to give majority control and takeover from investment group CVC as current commercial right holders.
Before Christmas it was confirmed that all legal hurdles had been cleared and this evening the FIA confirmed the sale and thus Liberty have now cleared the final hurdle in regards to the sale.
The FIA believe that the partnership with Liberty will ‘ensure the continued success and development of the sport.’
Liberty’s process to the take over started when it purchased 18% back in September Delta Topco, the holding company of F1 group.
It’s now due to purchase a second batch of shares that will take it to 35.5% in the coming weeks which will give majority shares.
The group, backed by businessman chairman Chase Carey, has already spoke of its intention to uphold the sports European historic races and history while branching out to make further inroads in the American and Latin American markets. The takeover could also be good news for the likes of Silverstone on the back of recent news about using a break clause to release it from hosting the British GP due to rising costs and possible economic downturn.