John Malone wants to buy shares in Formula One Group
The co-owner of Discovery and Eurosport, John Malone, reportedly wishes to acquire shares in the company that manages Formula 1 racing, according to the New York Post. Discussions are said to have already begun.
Through his company Liberty Media, John Malone wants to enter Formula 1, having long sought to acquire the television rights. He could therefore be on the other side of the negotiating table if discussions come to fruition. If Malone succeeds in buying shares of the Formula One Group, he would further establish himself in the sports world. Liberty Media already owns the American baseball team Atlanta Braves and 51% of Eurosport shares.
« Formula 1 could be a way to grow Eurosport », an anonymous source close to the negotiations tells the Post. The rights to Formula 1 currently belong to the investment fund CVC Partners, the main shareholder of Delta Topco, the F1 holding company based in Jersey. With 19 races on 5 continents, Formula 1’s annual revenues amount to 1.5 billion dollars.
Such a rumor also emerges in the context of Bernie Ecclestone stepping back following the legal issues concerning him.
