Liberty Media’s bid to own motor racing’s most glittering series has cleared another hurdle. But the takeover still needs approval from anti-trust regulators as Bernie Ecclestone clings on.Liberty Media’s Formula One takeover has been unanimously approved by the sport’s governing body. The International Automobile Federation (FIA) said in a statement that its World Motor Sport Council (WMSC) had agreed to the change of commercial rights holder. “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,” it said. The takeover still needs the approval of European anti-trust regulators and has been valued at $8 billion.

Source: Daily News Egypt January 19, 2017 12:12 UTC