Sports

FIA approves F1 takeover

Formula 1's governing body, the International Automobile Federation (FIA), has approved Liberty Media's US$8 billion (S$11.4b) takeover of the sport.

The deal involves the transfer of 100 per cent of the shares in Delta Topco, in which FIA has a one per cent stake, to Liberty Media Group.

The decision had been a formality after Liberty Media shareholders had approved the deal, first mooted in September, on Tuesday.

The takeover will give the US firm control of a global and highly profitable sport that rakes in billions from advertisers and broadcasting rights. - AFP

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