A company backed by John Malone is leading an $8.5B battle for control of Formula 1 "after proposing a deal that would see the sport’s owner listed on New York’s Nasdaq stock exchange," according to SKY SPORTS. Liberty Media Corp., which owns a range of entertainment assets, "is in detailed talks with F1's controlling shareholder, CVC Capital Partners, about a transaction." A "frenetic period" for the ownership and management of F1 "could also involve Chase Carey, a former DirecTV and News Corporation executive, being appointed as chairman of the sport's parent company prior to or alongside a deal, according to people close to the situation." CVC "is said to be considering naming him -- with the support of Liberty Media Corp -- as F1's chairman to replace Peter Brabeck-Letmathe, the chairman of Nestle." If appointed, Carey would work alongside F1 CEO Bernie Ecclestone, "although it is unclear how long that structure would remain in place." Under the proposals tabled by Liberty Media Corp., "which is led by Greg Maffei, shares in F1's parent would be acquired in two phases for cash and stock." Liberty Global "is working with Discovery Communications on its bid, although the duo are said to be trailing Liberty Media in the race for control of arguably the world's most glamorous sports series" (SKY SPORTS, 8/26).
