GENEVA: The World Motor Sport Council has approved Formula One being sold to Liberty Media, a U.S. company that invests in entertainment and sports, for $4.4 billion.
Liberty Media Corp., which is controlled by 75-year-old tycoon John Malone, ended years of uncertainty about the ownership of the auto racing series with the takeover announcement in September.
Four months on, the WMSC approved at a meeting Wednesday the change of control of Delta Topco, F1's holding company, from investment fund CVC Capital Partners to Liberty Media Group.
The new F1 season starts in Melbourne on March when the buyout is expected to be completed.