Liberty Media said it has completed its $4.4 billion purchase of Formula 1, officially installing former 21st Century Fox vice chairman Chase Carey as chairman and CEO and racing legend Bernie Ecclestone as chairman emeritus. 

“We are delighted to have completed the acquisition of F1 and that Chase will lead this business as CEO,” Liberty Media CEO Greg Maffei said in a statement. “There is an enormous opportunity to grow the sport, and we have every confidence that Chase, with his abilities and experience, is the right person to achieve this. I’d like to thank Bernie Ecclestone, who becomes Chairman Emeritus, for his tremendous success in building this remarkable global sport.”

Liberty first announced the agreement to buy Formula 1 in September. The company received approval from Fédération Internationale de l'Automobile (“FIA”), the governing body of the motor racing icon, earlier this month, the last regulatory hurdle in completing the deal. 

“I am excited to be taking on the additional role of CEO. F1 has huge potential with multiple untapped opportunities,” Carey said in a statement. “I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport. We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime.”

“I would like to recognise and thank Bernie for his leadership over the decades," Carey continued. "The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family. Bernie’s role as Chairman Emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved.”

Liberty Media plans to rename itself the Formula One Group and will change its ticker symbol on the NASDAQ Exchange from LMC to FWON, soon after the group name change has become effective, expected later this week. F1 will remain based in London and Maffei will be Deputy Chair of the board of F1. 

“I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with,” Ecclestone said in a statement. “I’m very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport.”

A day after securing the final regulatory approval for its $4.4 billion purchase of Formula 1, Liberty Media said it will issue $400 million in senior notes in a private offering to increase the cash portion of the deal.

Liberty received approval from the Fédération Internationale de l'Automobile (“FIA”), the governing body of Formula 1 racing, on Jan. 18, the last regulatory hurdle for the deal.  Liberty, which first announced the purchase in September, has said it plans to close the deal by the end of the month.

The cash convertible senior notes will be used to increase the cash portion of the deal to the selling shareholders by $400 million and retain in treasury the 19 million shares that would otherwise have been issuable to the selling shareholders based on the per share purchase price of $21.26. These Liberty Media shares will be reserved by Liberty for issuance to the F1 teams at a per share purchase price of $21.26.

“We think it’s important to offer the teams the chance to invest in F1 and further align our interests,” Liberty Media CEO Greg Maffei said in a statement. “We look forward to working with the teams to increase the appeal of this iconic sport and enhance the F1 business.”

Liberty has said one of its goals is to strengthen the teams that make up Formula 1, which have let Liberty know of their interest.

 “Several of the teams have expressed interest in investing and we have already begun productive discussions to make the sport more competitive and even more exciting,” Formula 1 chairman Chase Carey said in a statement.

The aggregate number of Liberty Media shares to be issued at the F1 closing will not change as a result of this transaction. Only the allocation of the 138 million shares will change as follows: approximately 57 million to the Selling Shareholders, 62 million to the third party investors and 19 million into treasury.

To the extent such shares are not issued to the F1 teams within six months following the closing of the acquisition, the shares will be retired. If the acquisition of F1 is not completed, Liberty will use the net proceeds from this offering for general corporate purposes, which may include capital expenditures, acquisitions, working capital, repayment of debt and repurchases of common stock. Pending the completion of the F1 acquisition or other such uses, Liberty intends to invest the net proceeds in cash equivalents or short-term investments.

The notes, as well as the associated cash proceeds, will be attributed to the Liberty Media Group. Pro forma for this financing and the closing of the F1 acquisition, total debt attributed to the Liberty Media Group will include the proposed cash convertible senior notes, $1 billion 1.375% convertible notes due 2023, $445 million Time Warner Inc. exchangeable debentures due 2046, $350 million drawn under a Live Nation margin loan, $36 million of other corporate level debt as of Sept. 30, 2016 and approximately $4.1 billion of existing F1 debt as of July 31, 2016.

Liberty Media said it has received approval  for its $4.4 billion purchase of Formula 1 from the Fédération Internationale de l'Automobile (“FIA”), the governing body for the motor racing icon and the final hurdle in closing the deal.

Liberty received approval from its shareholders on Jan. 17, regarding the issuance of new series C shares in connection to the Formul 1 acquisition and to change its name to Formula 1 Group after the deal is closed. That closing is expected by the end of this month.

Liberty agreed to buy Formula 1 in September.

As part of that announcement, Liberty said former 21st Century Fox executive vice chairman Chase Carey would become chairman of the Formula 1 Group.