Formula One set to be sold for $8.5 billion
The sale of Formula One to Liberty Media could be completed as early as Tuesday after CEO Bernie Ecclestone agreed on a price.
Mercedes AMG Petronas F1 Team's British driver Lewis Hamilton drives during the qualifying session at the Autodromo Nazionale circuit in Monza on September 3, 2016 ahead of the Italian Formula One Grand Prix.
A sale of Formula One to Liberty Media is to go ahead next week, the sport's commercial supremo Bernie Ecclestone told German trade magazine Auto motor und sport on the sidelines of the Italian Grand Prix at Monza on Saturday.
The magazine said that according to Ecclestone, Liberty Media will transfer the first of two tranches of payment in the $8.5 billion deal on Tuesday.
Formula 1 boss Bernie Ecclestone walks down the paddock after the first practice session at the Autodromo Nazionale circuit in Monza on September 2, 2016 ahead of the Italian Formula One Grand Prix.
Recent media reports had said that British broadcaster Sky as well as a consortium of Liberty Media's sister company Liberty Global and Discovery Communications were also circling Formula One.
Fiat Chrysler's Chief Executive Sergio Marchionne earlier said the industry as a whole had a vested interest in stability for Formula One.
"I've had this conversation with CVC in the past, I've had it with Bernie ... I think it's important that we provide stability and a long-term view. I'm sure that will happen soon," he said.
Fiat Chrysler Automobiles CEO Sergio Marchionne answers questions after taking part in an event celebrating the start of production of three all-new stamping presses at the FCA Sterling Stamping Plant August 26, 2016 in Sterling Height, Michigan.
Auto motor und sport said Ecclestone left it unclear what role he would play once a deal had gone through.
It quoted him as saying: "I will do what I have always done. What role I play is my decision."
Formula One's biggest shareholders are private equity firm CVC Capital Partners with a 35.5 percent stake and US fund manager Waddell & Reed with 20.9 percent.
Ecclestone holds 5.3 percent of Formula One and his Bambino Trust has another 8.5 percent.
CVC and Liberty Media declined to comment to the magazine.
Waddell & Reed was not immediately available for comment.
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