New era for F1 as Liberty agrees on US$8b takeover

Washington

FORMULA One entered a new era on Wednesday as US billionaire John Malone's Liberty Media agreed to a takeover that values the motorsport at US$8 billion and raises questions over the role of its colourful, long-time mastermind, Bernie Ecclestone.

In a deal that ends years of speculation over F1's future, Liberty said it had struck an agreement to buy out Formula One's parent company from CVC Capital, and had already acquired a minority stake of 18.7 per cent.