10/12/2016
NEWS STORY
Shareholders in Liberty Media are to vote next month on the proposed purchase of Formula One.
The meeting, which was announced in a brief statement from the company will take place on January 17.
"Shareholders will be asked to vote on proposals relating to Liberty's issuance of shares of its Series C Liberty Media common stock in connection with the proposed acquisition of Formula 1 and the renaming of the Liberty Media Group and the Liberty Media common stock to the Formula One Group and the Liberty Formula One common stock, respectively, following the proposed acquisition of Formula 1 by Liberty," read the statement.
Earlier next month Britain's Competition and Markets Authority (CMA) will reveal whether it is to investigate the purchase.
In the wake of its initial acquisition of a minority stake in the sport, Planet Paddock and the media were in raptures, not only envisaging the imminent demise of Bernie Ecclestone but savouring all the good things that would happen as Liberty invested in the sport.
Since then however, other than revealing plans for the sport that have left many unimpressed, it transpired that far from being in a position to invest in the sport Liberty media is not cash rich and had to borrow in order to purchase its initial stake.
Furthermore, Bernie Ecclestone, the one man who really knows the state of play, has said that whatever happens with Liberty there can be no significant changes until 2020 at the earliest.