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Liberty Media has revealed that they have begun negotiations with third-party investors ahead of their buyout of Formula One.
The American media giant initially bought an 18.7% stake in the sport for a reported $746 million, and is now looking to buy all of Delta Topco's shares. Delta Topco is the parent company of F1.
Third party investors Coatue Management, the Shaw group, JANA Partners, Ruane, Cunniff & Goldfarb, Soroban Capital Partners, SPO Advisory, and Viking Global Investors, are now teaming up with Liberty Media to finalise the purchase.
"This is a significant step in Liberty Media's transformative acquisition of Formula 1 and is further confirmation that the future of the sport is bright," said F1 chairman Chase Carey.
Greg Maffei, President and CEO of Liberty Media, added of the agreement: "We are excited that this impressive list of investors will participate in the acquisition of Formula 1.
"This group shares our enthusiasm for the sport and our belief in the opportunity to develop and grow it for the benefit of the fans, teams, sponsors and our shareholders.
"We look forward to closing the transaction in early 2017."
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