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FIA rake in $80 million after Liberty Media acquisition

  • Published on 29 Jan 2017 17:02
  • 1
  • By: Fergal Walsh

The FIA has made over $80 million due to the F1 takeover of Liberty Media, fresh reports are suggesting. Liberty Media completed the deal on Monday, ending the long reign of F1 supremo Bernie Ecclestone.

This brings worries about the FIA who had to formally approve sale in its capacity as the sport's governing body and regulator. Under conditions that former owners CVC sold 1% of shares in 2013, only by approving Liberty's takeover could they cash in the small stake that until this week was placed in parent company Delta Topco.

The FIA paid CVC $500,000 for the stake three years ago, but the valuation under Liberty Media has risen to $80 million.  The FIA's own Code of Ethics states that "the FIA Parties and Third Parties may not perform their duties in situations involving an existing or potential conflict of interest."

CEO of F1 Chase Carey said: "I wasn't involved in it. I don't think it is my place to go back and, sort of, opine on things that were decided by other parties at other times and I wasn't here, I wasn't there and I wasn't involved," he said.

"I wasn't part of the process through which it evolved so you are asking me to opine on something that I was really not a part of, party to.

"They [the FIA] owned a percentage. They got a fair value for what they owned," he continued. "My experience with them is a handful of months. They regulate the sport in a fair and even-handed way."

 

Fergal Walsh

F1 News

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  • Victory2011

    Posts: 17

    Nice ROI! Where can I invest like that!!!

    • + 0
    • Jan 30 2017 - 21:13

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