It’s official! Following months of speculation Formula One has been sold to American firm Liberty Media in a deal worth £6 billion.

Liberty is backed by US media tycoon John Malone and the deal will see 20th Century Fox board member Chase Carey appointed as the new Chairman of Formula One. The sports commercial rights holder Bernie Ecclestone will remain in his current position for a least the next three years.

Mr Carey commented on the new deal by saying:

I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world.

Mr Ecclestone is expected to receive in the region of £400 million for his 5.3% stake in sport.

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