Latest News

Back to Latest News back

 

US-based media interests confirm US$4.4 billion acquisition of Formula 1

US-based media interests confirm US$4.4 billion acquisition of Formula 1
September 8, 2016

Marking one of the biggest deals in sport history, US-based Liberty Media has confirmed it is buying the Formula 1 motor racing series for US$4.4 billion.

Owned by the billionaire John Malone, Liberty will initially purchase a minority stake in the world's leading motor-racing championship with a full takeover planned if regulators approve the deal.

The acquisition ends several years of speculation about the sale of Formula 1, with the new owners aiming to further develop the sport.

F1’s 85-year-old figurehead Bernie Ecclestone will remain the Chief Executive but will now report to a new Chairman, Chase Carey, the Executive Vice Chairman of Rupert Murdoch’s entertainment conglomerate 21st Century Fox.

Liberty Media has stakes in several sports and entertainment businesses, including the Atlanta Braves Major League Baseball club and will look to maximise returns from the sport from its hundreds of millions of fans worldwide.

Under Ecclestone - and the last decade of ownership by private equity group CVC - the motorsport series has enjoyed remarkable growth in terms of global popularity, profits and new races.

Liberty Media will hope to build on these strengths, helping the sport gain new fans, especially in the Americas, and to capitalise on new opportunities around marketing, promotion, digital rights and social media.

However, assuming European regulators approve the takeover, there are issues that the new US owners will need to address - the decline in appeal among younger audiences in an ultra-competitive sporting landscape, the rising costs to teams, fans and circuits, and the predictability of races.

Commenting on the acquisition, Liberty Media Chief Executive Greg Maffei stated “we are excited to become part of Formula One.

"We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders."

Ecclestone has advised that he had been asked to stay on at F1 for three more years.

In July, sports entertainment property UFC was sold for a reported US$4 billion.

Image: Formula 1's Singapore Grand Prix.

11th July 2016 - CONSORTIUM BUYS UFC FOR US$4 BILLION

17th March 2016 - REPUCOM RELEASES 2016 F1 SPONSORSHIP REPORT

27th November 2015 - YAS MARINA CIRCUIT TECHNOLOGY BENEFITS F1 DRIVERS, MEDIA AND FANS

5th July 2015 - GLOBAL SURVEY SHOWS F1 FANS WANT RETURN TO BASICS

20th November 2014 - VIRGIN ACTIVE OPENS LATEST AUSTRALIAN CLUB


Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?

The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.

However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.

Subscriptions cost just $90 a year.

Click here to subscribe.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

Centaman Entrance Control

Turnstile Entry Systems and Access Control Centaman Entrance Controls’ Award Winning Range of Access Control Systems includes tripod & triarm turnstiles, speedgates, full height…

read more

Access / Entertainment / Sport / Ticketing / Venues

 
 

HRMWEB

At easyemployer we've come up with a software solution that manages one of your most important, and often most costly, business resources - your staff. We are helping 100s of clients to…

read more

Finance / Fitness / Technology

 
 

Tim Batt Water Solutions

Tim Batt Water Solutions are at the very forefront of the commercial aquatic business in Australia, with over 30 years specific experience supplying and installing chemical control and dosing…

read more

Aquatics / Environment / Recreation / Technology / Venues

 
 

SeatGeek Asia Pacific

SeatGeek is a search engine and mobile-focused ticket marketplace that allows fans to buy and sell tickets for live events. As of August 2018, SeatGeek has exited the Australian, New…

read more

Entertainment / Sport / Technology / Ticketing / Venues

 
 

Hydrocare Pool Services

Hydrocare Pool Services Pty Ltd offer 25 years of experience in aquatic industry features, products and water treatment. Hydrocare Pools has undertaken water treatment for aquatic centres and…

read more

Aquatics / Attractions / Play / Recreation / Technology

 
 

GreeneDesk

Track. Engage. Retain GreeneDesk is a suite of cloud based software solutions helping health clubs, leisure centres and swim schools to effectively track progression, improve customer engagement and…

read more

Aquatics / Billing / Education / Fitness / Technology

 
 

TECHNOGYM AUSTRALIA

Technogym is the leading company in the Wellness and Fitness field all over the world. With 2,200 employees, 14 branches in Europe, U.S., South America, Asia  and Australia, Technogym exports its…

read more

Fitness / Technology / Wellness

 
 

MYRTHA POOLS

Founded in 1961, Myrtha Pools® quickly became Italy’s première swimming pool company, and has since grown into one of the world's leading swimming pool construction…

read more

Aquatics / Design / Play / Waterparks / Wellness

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business