UK Government Looking at F1 Sale

[cosworth151]

The UK government Competition and Markets Authority (CMA) is looking into the sale of F1 to Liberty Media.

"The CMA is considering whether it is or may be the case that this transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if, so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services," it said in a statement.

In the great tradition of F1 race stewards, CMA will wait until 5 January to say if further action is needed.

http://www.racer.com/f1/item/136168-liberty-s-f1-purchase-facing-uk-investigation

[John S]

I don't think this is anything out of the ordinary for such a large deal, the authorities are duty bound to consider any possible consequence arising from such a big money take over.

Pitpass.com is saying such legal oversight is expected and the deal is structured to be dependant on all approvals and permissions being given before the serious money is committed.

 Announcing the £8bn buy-out in early September, Liberty Media said it would purchase an initial 18.7% stake for $746m (£560m), with the remainder of the buy-out scheduled for the first quarter of 2017.

The company made clear at the time that "the completion of the acquisition is subject to certain conditions, including the receipt of certain clearances and approvals by antitrust and competition law authorities in various countries, certain third-party consents and approvals, including that of the FIA".

Courtesy Pitpass.com, 7th Nov 16.