Formula One entered a new era on Wednesday as US billionaire John Malone’s Liberty Media agreed a takeover that values the sport at US$8 billion and raises questions over the role of its colorful, long-time mastermind, Bernie Ecclestone.
In a deal that ends years of speculation over Formula One’s future, Liberty said it had struck an agreement to buy out the parent company from CVC Capital and had already acquired a minority stake of 18.7 percent.
Liberty is to pay a total equity price of US$4.4 billion in cash, newly issued shares and exchangeable debt to complete the deal, which gives Formula One an enterprise value of US$8 billion.
The company said it would retain Ecclestone, who built Formula One into a global operation over nearly four decades, as chief executive, but named 21st Century Fox vice chairman Chase Carey as the company’s new chairman.
The takeover is set to be completed next year, subject to approval by regulators, Liberty’s shareholders and Formula One’s governing body, the Federation International de l’Automobile.
It gives Liberty control of a global and highly profitable sport which includes 21 grand prix this year, stretching from Melbourne and Shanghai to Sochi, Mexico City and finishing in Abu Dhabi.
Formula One rakes in billions from advertisers and broadcasting rights for what is one of the world’s most-viewed competitions. It also earns millions from Formula One-branded merchandise.
Formula One’s future under CVC has long been in question and a mooted share flotation in Singapore was shelved in 2012. Despite the big profits, some teams are plagued by financial problems and the sport faces challenges to its fan base and TV viewership, with its races often criticized as predictable.
“We are excited to become part of Formula One,” Liberty Media president and chief executive Greg Maffei said. “We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One, and benefit fans, teams and our shareholders.”
US track and field athletes have about four dozen pieces to choose from when assembling their uniforms at the Olympics. The one grabbing the most attention is a high-cut leotard that barely covers the bikini line and has triggered debate between those who think it is sexist and others who say they do not need the Internet to make sure they have good uniforms. Among those critical or laughing at the uniforms included Paralympian Femita Ayanbeku, sprinter Britton Wilson and even athletes from other countries such as Britain’s Abigail Irozuru, who wrote on social media: “Was ANY female athlete consulted in
Four-time NBA all-star DeMarcus Cousins arrived in Taiwan with his family early yesterday to finish his renewed contract with the Taiwan Beer Leopards in the T1 League. Cousins initially played a four-game contract with the Leopards in January. On March 18, the Taoyuan-based team announced that Cousins had renewed his contract. “Hi what’s up Leopard fans, I’m back. I’m excited to be back and can’t wait to join the team,” Cousins said in a video posted on the Leopard’s Facebook page. “Most of all, can’t wait to see you guys, the fans, next weekend. So make sure you come out and support the Beer
Former US Masters champion Zach Johnson was left embarrassed after a foul-mouthed response to ironic cheers from spectators after a triple bogey at Augusta National on Friday. Johnson, the 2007 Masters winner, missed the cut after his three-over-par round of 75 left him on seven-over 151 for 36 holes, his six on the par-three 12th playing a big role in his downfall. Television footage showed Johnson reacting to sarcastic cheers and applause when he tapped in for the triple bogey by yelling: “Oh fuck off.” Such a response would be considered bad form in any golf tournament, but is particularly out of keeping
The sacred flame for the Paris Olympics was lit yesterday in Olympia, Greece, the birthplace of the ancient Games, in a ceremony inspired by antiquity and marked by messages of hope amid multiple global crises. “In ancient times, the Olympic Games brought together the Greek city states, even — and in particular — during times of war and conflict,” International Olympic Committee president Thomas Bach said. “Today, the Olympic Games are the only event that brings the entire world together in peaceful competition. Then as now, the Olympic athletes are sending this powerful message — yes, it is possible to compete fiercely