NEW YORK, Sept 4 Liberty Media Corp is
nearing a deal to buy a significant stake in the Formula One
racing car series, with a deal expected within the next two
weeks, the Financial Times reported on Sunday.
The newspaper said Liberty Media, whose chairman is U.S.
cable mogul John Malone, was expected to buy a 10 to 15 percent
stake in F1's parent company, at a cost of between 1 billion to
2 billion pounds. Media reports have previously said a deal for
F1 is expected to value the company at more than $8.5 billion.
The Financial Times also said that Chase Carey, the
executive vice chairman of 21st Century Fox, would become the
chairman of F1.
Formula One's biggest shareholders are private equity firm
CVC Capital Partners with a 35.5 percent stake and U.S.
fund manager Waddell & Reed with 20.9 percent. Chief Executive
Bernie Ecclestone holds 5.3 percent of Formula One and his
Bambino Trust has a further 8.5 percent.
F1 was not immediately available for comment.
Separately, Reuters reported on Sunday that Ecclestone was
likely to remain at the helm of F1 for a considerable period
($1 = 0.7523 pounds)
(Reporting by Michael Flaherty; Additional reporting by Alan
Baldwin; Editing by Peter Cooney)