Formula One on the cusp of £6billion takeover as American firm Liberty Media close in on deal with Bernie Ecclestone
Liberty Media received the backing of its shareholders to complete the purchase from holding company CVC
LIBERTY MEDIA have been given the green light to complete their £6 billion purchase of Formula One.
The American company cleared the final hurdle on Wednesday when F1 teams and the sport's governing body met at the World Motor Sport Council to approve the deal.
The previous day, Liberty Media received the backing of its shareholders to complete the purchase from holding company CVC.
It is understood that Liberty Media will now encourage teams to buy new shares in the sport that have to be retained for 10 years.
Liberty Media have already bought 19 percent of the sport when the deal was initially announced in September.
The organisation will be headed up by media tycoon Chase Carey who has been working alongside veteran CEO Bernie Ecclestone.
But the takeover has raised fresh doubts about the Brit's involvement as the American owners plan radical chances to help boost the sport's appeal in the US.
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A statement issued by the FIA said: "Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term.
"The World Motor Sport Council's decision confirms the FIA's belief that Liberty, as a renowned media organisation with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle Championship.
"The FIA looks forward to working with the new owners of the Formula One Group on further developing the unrivalled global spectacle that is the FIA Formula One World Championship for all stakeholders."
With the FIA approval being the final hurdle, the takeover could be finalised by the end of March.