Picture of the FIA logo taken in the paddock of the Silverstone circuit on June 19, 2009 in Silverstone, before the first free practice session of the British Formula One Grand Prix. The Formula One Teams Association (FOTA) announced it would set up a rival championship next season. FOTA's announcement threw Formula One into disarray on the eve of this weekend's British Grand Prix after months of wrangling over the FIA's plans to introduce rule changes, most notably a budget cap, for next season in an attempt to revamp the sport. "The FIA is disappointed but not surprised by FOTA's inability to reach a compromise in the best interests of the sport," the FIA said in a statement. AFP PHOTO / GUILLAUME BAPTISTE (Photo credit should read GUILLAUME BAPTISTE/AFP/Getty Images)

Shortly after it was confirmed yesterday that Liberty shareholders had approved the proposal to purchase Formula One, the sports governing body, the FIA also agreed to the sale, releasing the following statement late last night (Australian time).

“The World Motor Sport Council has unanimously approved the change of control of Delta Topco Limited (the holding company of the Formula One Group and thus the owner of the Commercial Rights of the FIA Formula One World Championship) from CVC Capital Partners in favour of Liberty Media Corporation at an extraordinary meeting today in Geneva.”

The transaction will see the transfer of 100% of the shares in Delta Topco to Liberty Media Group, one of the tracking stocks of Liberty Media Corporation. During the meeting, the representatives of the prospective new owner made a detailed presentation of their strategy.”

“The members of the World Motor Sport Council then had the opportunity to ask questions about the specifics of the agreement, the ongoing working relationship with the FIA and Liberty’s plans for the sport. Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term.”

“The World Motor Sport Council’s decision confirms the FIA’s belief that Liberty, as a renowned media organisation with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle Championship.”

“The FIA holds a one per cent shareholding in Delta Topco. As part of the sale by CVC to Liberty Media Corporation, and in line with the agreements between the FIA and the Formula One Group, the FIA will be dragged along in the sale process under the same conditions as CVC and all the other shareholders.”

“The FIA looks forward to working with the new owners of the Formula One Group on further developing the unrivalled global spectacle that is the FIA Formula One World Championship for all stakeholders.”