Liberty Media has crept closer to its takeover of Formula 1 after stockholders voted in favour of its proposal to acquire the championship.
American company Liberty announced its plans last September to purchase Delta Topco, the parent company of Formula 1, and initially secured an 18.7 per cent stake in a cash deal, which valued Formula 1 at $8 billion.
Liberty announced in December that it had agreed deals with third party investors to raise $1.55bn and that it had also received the necessary approval of antitrust authorities.
Liberty still required approval from its stockholders, who met on Tuesday to give the green light to the takeover.
“The holders of its common stock entitled to vote thereat approved (I) a proposal relating to the issuance of shares of Series C Liberty Media common stock in connection with its pending acquisition of Formula 1 (the "Acquisition")," read a statement.
“(II) a proposal relating to the adoption of the amendment and restatement of Liberty Media's restated certificate of incorporation to effect the name change of the "Media Group" and the "Liberty Media Common Stock" to the "Formula One Group" and the "Liberty Formula One Common Stock," respectively.”
Liberty’s takeover still needs approval from the sport’s governing body, the FIA, which is set to meet today (Wednesday) during a meeting of the World Motor Sport Council.
Liberty added that it still expects to complete proceedings during the first quarter of 2017.
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