Liberty Media have purchased 18.7 percent of the Formula One Group for a staggering $746 million, with 21st Century Fox Vice Chairman Chase Carey named as Chairman, and Bernie Ecclestone staying on as CEO for reportedly a further three years. Chase Carey has been appointed by Delta Topco and will serve as the new Chairman of Formula One, succeeding Peter Brabeck-Letmathe, who will remain on Formula One’s board as a non-executive director. Bernie Ecclestone will remain Formula One’s CEO, with Ecclestone himself claiming he has been asked to remain on board for a further three years, taking the veteran ringmaster to the grand old age of 88 when his new deal expires. “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 shareholder,” said Greg Maffei, President and Chief Executive Officer of Liberty Media. “We look forward to working closely with Chase Carey and Bernie Ecclestone to support the next phase of growth for this hugely popular global sport.” Further dealings and additional clauses and clearance approvals by the respective antitrust and competition law authorities have yet to be completed, including approval by the FIA and Liberty Media's assorted stakeholders, however the full deal is expected to be completed by the close of Q1 2017. “While it remains to be seen how this acquisition will influence the promotion of the FIA Formula 1 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,” said FIA President Jean Todt. “As motor sport’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 1 and bring it to new generations of motor sport enthusiasts around the world.” Upon full and final completion of the deal, Liberty Media will become the majority shareholder with a 35.5% stake in Formula One, while CVC Capital Partners (the current controlling shareholder) will retain a 24.7% share in the sport. In total, the estimated fee is expected to be around the £6bn mark, including the currently rumoured £3.1bn of debt secured by CVC in lieu of expected income generation from Formula One in future years. With many fans and commentators firmly believing CVC bring nothing positive to the sport, the new ownership could spark the start of a positive upswing in the fortunes of the FIA Formula One World Championship. Positive noises from the Media group have already been made following the announcement, with an official press release from the group promising "Teams will be given the opportunity to participate in the investment in Formula One", potentially supporting the long running need to help Grand Prix teams become more financially stable and attractive to new investors in the teams. For too long Formula One has been stripped of its substantial financial assests, with seemingly little reinvested into the sport to help it grow. With a more dyamic organisation now involved with the sport, one that specialises in media no less, it is not difficult to imagine much greater strides being made to engage on a more personal level with the sports key asset, its fans. The way in which fans engage with sport has changed greatly in recent years, social media such as Twitter has become ever more popular and, alongside innovations such as internet broadcasting, has been for too long overlooked by Formula One in the never ending quest to gain more and more money from TV revenue deals, leaving many contries locked behind paywall television deals and the subsequent reduction in worldwide viewing figures. For his part, Chase Carey is delighted to be picking up the reigns as from Peter Brabeck-Letmathe as the Chairman of Formula One: "I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team,” Carey said. “I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world. “I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike." It remains to be seen how the takeover will effect the immediate business of Grand Prix racing, however one can only hope that in a sport that desperately needed change, now we have it, it will be a change for the better. Check out the Formula One sub forum here at RaceDepartment for further news and discussion regarding the premier racing series in the world. So CVC are finally going... do you think the sale to Liberty Media will help improve the sport? Let us know in the comments section below!