Formula 1 sale to Liberty Media approved by FIA

Chase Carey, chairman of Liberty Media and F1 boss Bernie Ecclestone

Formula 1's governing body the FIA has approved the sale of the sport's commercial rights to Liberty Media.

The US company is in the process of finalising a purchase of a controlling interest in Formula 1.

The FIA's approval was the final regulatory hurdle before the sale, which will see Liberty take over from investment group CVC Capital Partners.

The FIA believed its partnership with Liberty will "ensure the continued success and development" of F1.

Liberty is expected to complete its takeover of the sport within the next few weeks.

It bought just over 18% of the shares in Delta Topco, the holding company of the F1 Group, in September.

Liberty Media says it wants to protect the sport's historic European races - such as the Italian GP - which have been under threat as they struggle to make money

Liberty announced before Christmas that it had cleared all regulatory hurdles and had the necessary approvals for the purchase.

And on Tuesday in Colorado, the company's shareholders approved the buy-out.

Its purchase of its second tranche of shares, to take its holding to 35.3%, is due to be completed within the next few weeks.

Liberty has said it wants to protect F1's historic European races, establish new races in the USA and Latin America and grow the sport through the exploitation of digital media.