Formula 1 set to be sold in $8.5bn deal

Motorsport franchise Formula 1 will be sold to John Malone's Liberty Media group in a deal worth $8.5bn (£6.5bn).

German magazine Auto Motor und Sport reported that the agreement was confirmed by chief executive Bernie Ecclestone.

Liberty Global, which owns Virgin Media, appears to have won the race to buy F1, despite interest from various other parties, including the likes of Qatari Sports Investments and the owner of the Miami Dolphins, Stephen Ross.

CVC Capital Partners, who currently hold a 35% stake, will exit the business after attempts to cut back its involvement in recent years. The group received criticism for extracting large profits from F1, and failing to invest to ensure its long-term stability.

Ecclestone's role in the new F1 setup was left unclear in the report by the German trading magazine, saying ""I will do what I have always done. What role I play is my decision."