US media firm to buy Formula 1 read more at here www.spinonews.com/index.php/item/790-us-media-firm-to-buy-formula-1

Liberty Media has stakes in several sports and entertainment businesses, including the Atlanta Braves Major League Baseball club.

Owned by the billionaire John Malone, Liberty will initially purchase a minority stake in the world's leading motor-racing championship. A full takeover is planned if regulators approve the deal.

Firm Liberty Media has confirmed it is buying the racing business Formula 1 for $4.4bn (£3.3bn). The 85-year-old British businessman has run the sport for 40 years.

The move ends years of speculation about the ownership of the company. Bernie Ecclestone will remain as chief executive but Chase Carey, vice-chairman of 21st Century Fox, will become the new chairman.

The total transaction values the firm at $8bn but includes $4.1bn worth of F1's debt. This is one of the biggest deals in sports history and one of the most important moments in the history of F1.

Under overlord Bernie Ecclestone's long command - and the last decade of ownership by private equity group CVC the motorsport series has enjoyed remarkable growth in terms of global popularity, profits and new races.

Liberty Media will hope to build on these strengths, helping the sport gain new fans, especially in the Americas, and to capitalize on new opportunities around marketing, promotion, digital rights and social media.