Formula One cars are not cheap to make (Getty)
Find out who owns the Formula One and everything about the owners
Formula One is the highest class of international motorsport racing. The Formula One was started back in 1950 and it’s ownership has changed a few hands ever since and was previously owned by CVC capital. However, in this article we will talk about who owns the Formula One as of now.
Formula One is currently owned by an American billionaire John Malone’s Liberty Media. Liberty Media is an American mass media production company. The company further has stakes in SiriusXM (Music Company) and Atlanta Braves (Baseball Team)
The deal was approved in 2017 and was completed in two steps. The first was cash payment for the initial 18.7% stake for $746 million. When the regulators FIA approved the deal the later payment of roughly $3.5 billion was completed. Hence, the takeover cost Liberty Media $4.4 billion in total.
This deal has given Liberty Media the controlling rights for the Formula One. Chase Carey was brought in as the chairman for the Formula One by Liberty. He happens to be a former 21st Century Fox executive. Liberty Media owns various companies under its name like Virgin Media, Time Warner Cable, etc.
It’s owner Malone also has shares in Starz, Discovery Communications, QVC and Time Warner which is the parent company of CNNMoney. Formula One has been very profitable for Liberty Media due to its high paying telecast rights and hosting rights as well.
The Formula One was previously owned and controlled by its shareholders through Delta Topco holding company. It had various companies registered in the United Kingdom, Jersey and Luxembourg which were a group company holding the ownership of Formula One.
The Formula One group is a group of several related companies which is controlled by the Delta Topco holding company which is the parent company. It further comprised many subsidiary companies who controlled the rights in management, licensing and operations of the Formula One.
FIA granted commercial rights of Formula One to Formula One World Championship Limited in 2011. The company has commercial rights for Formula One for 100 years starting from 2011. Before this, the commercial rights of Formula One were owned by Formula One Administration which held the rights for 14 years starting form 1996.
FOWC who owns the commercial rights has the duty of negotiating contracts for the hosting rights, television contracts with broadcasters and the publishing of Formula One material. The whole ownership aspect of Formula One is quite complex as it is not just owned by a single entity but a group of companies who work together for the smooth functioning of the Formula One.
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