Liberty Media is "closing in on a deal to take a significant stake" in F1 in a deal that would "value the racing car series" at between $8-9B (all figures U.S.), according to Bond, Fontanella-Khan, Garrahan & Ahmed of the FINANCIAL TIMES. Sources said that the company is in "advanced talks with CVC Partners, the private equity group which controls F1’s parent company." The sources added it "could be announced within the next two weeks." Sources said that Liberty "plans to take" a 10-15% stake in F1’s parent company initially for $1.33-2.66B (FINANCIAL TIMES, 9/4). Meanwhile, SKY NEWS' Mark Kleinman reported Fox Exec Vice Chair Chase Carey "will be named as the new boss" of F1. Sources said that the appointment of Carey will "signal Liberty Media Corp's intention 'to exploit F1's lucrative media rights more aggressively" (SKY NEWS, 9/4). F1 team Mercedes Motorsports Dir Toto Wolff "thinks Liberty could help F1 adopt a more modern outlook if the takeover goes ahead." He said, "There are things we can learn from the American way, particularly in the digital areas, and there are things working here that are not working there. So I think they are going to have a close look and analyse what they think needs to be changed, improved or what needs to remain. There is a reason why these guys can afford to buy this" (ESPN.com, 9/5). ESPN.com's Kate Walker noted in the immediate future, there is "no reason to expect much change in direction for F1." But expect to see "better marketing of F1" in the U.S. and "perhaps the most obvious area for expansion is that of general marketing and promotion" (ESPN.com, 9/4).
