American Giant Made A Deal For Speed

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Motorsports has witnessed one of the biggest deals in history and the greatest in the history of Formula one (F1).

Liberty Media corporation acquired F1 from CVC Capital Partners, which held the majority stake of the racing organisation. It purchased the stake for $4.4 billion. Back in 2006, CVC Capital Partners bought the stake for $2 million.

Liberty Media Corporation is a mass media company with conglomerate majority owned and controlled by John.C.Malone. The standing commercial chief Bernie Ecclestone will remain as the chief executive officer of F1.

Chase Carey, will serve as the new chairman of F1. He is also the executive vice chairman of the American multinational mass media corporation 21st century fox. Peter Brabeck-Letmathe will remain as a non-executive director on F1's board.

Read more on: #motorsport #auto news
Story first published: Thursday, September 8, 2016, 13:04 [IST]
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