Liberty Snags Final Approval for Formula 1 Buy

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.