• Fia statement on the acquisition of Formula One’s commercial entity

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    Last week, the Automobile Association Philippines (AAP) as the only member organization in the Philippines of the Federation Internationale de l’Automobile (FIA), received a press statement on the purchase of Formula One’s commercial entity by Liberty Media.

    AAP is sharing with our The Manila Times readers the FIA statement below:

    “The FIA, the governing body of the Formula One World Championship, was recently informed of the intention of Liberty Media Corporation to acquire Delta Topco, the parent company of the Commercial Rights Holder Organization of Formula One from CVC Capital Partners.

    “The FIA was obviously not party to the negotiations surrounding the intended sale. As such, the Federation awaits further information regarding the proposed terms of the transaction and welcomes the opportunity to discuss with all parties the possible consequences of the agreement on the promotion of the FIA’s flagship championship.

    “Commenting on the sale, FIA President Jean Todt said: ‘While it remains to be seen how this acquisition will influence the promotion of the FIA Formula One championship, we welcome this long-term investment in Formula One by a company that has such a broad portfolio of sports, media and entertainment businesses. As motor sport’s governing body and regulator, we acknowledge Liberty Media’s wide expertise in these fields and we look forward to working in close partnership with them in the future in order to further develop Formula One and bring it to new generations of motor sport enthusiasts around the world.’”

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