Date: 8th September 2016 at 8:01am
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CVC Capital Partners, who purchased a controlling stake in Formula One in 2005 is set to sell its shares to Liberty Media.

The USA based media firm is backed by American media tycoon* John Malone, who is a director of Sky plc and the chairman of Liberty Global plc, the parent company of Virgin Media.

Liberty Media will initially purchase 18.7 % of the shares in F1 as that would not be subject to regulatory conditions.

The remaining 81.3 % shares will also be purchased following the approval of regulation bodies as well as the FIA.

The deal is worth £6billion and will see Formula One supremo Bernie Ecclestone trouser £300million for his 5.3 % stake.

85-year-old Ecclestone will however remain in his role as chief executive, as the sport moves through a transitional period over the next few years.

Formula One will for the first time see a public stock listing through a tracking stock called Liberty Media Group.

?I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team,? said Carey to

?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. I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike.?

Ecclestone, the Formula One commercial rights holder added: ?I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them.?