Report: Formula One on brink of sale

Formula One is on the verge of being sold to the business group Liberty Media, a report said Saturday.

"If Liberty Media transfer the money on Tuesday, a new era in the elite class will begin," the German magazine 'Auto, Motor und Sport' reported online.

The United States-based Liberty Media is on the verge of an 8.5 billion dollar deal with current owners, including the CVC investment company which bought into the sport 10 years ago.

Formula One chief Bernie Ecclestone confirmed the deal to 'Auto, Motor und Sport', which says the first of two payments in the sale is due next week.

Last update: Sat, 03/09/2016 - 13:44


More from Business

Gauss fastest growing technological company in Croatia

Six Croatian companies - Gauss, Rimac Automobili, Axilis, Telum, Hangar 18 and Serengeti have entered this year's...

Volkswagen files recall plan for 3-litre cars in emissions case

Volkswagen on Monday met a deadline for submitting a revised recall plan for 3-litre engine diesel cars caught up in...

Croatian inventors win 11 medals at London show

Six Croatian inventors and entrepreneurs won 11 medals at the British Invention Show (BIS), with Tomislav Bronzin of...

AT&T tops Bayer: the five biggest mega deals of 2016

With AT&T's offer worth over 100 billion dollars for media giant Time Warner, the US telecom firm has surpassed...

AT&T to buy Time Warner in 85.4-billion-dollar deal

Telecommunications giant AT&T on Saturday said it would buy entertainment group Time Warner in a deal worth 85.4...