Liberty Media's shareholders have agreed to push ahead with its acquisition of Formula One, edging the U.S. media company closer to the completion of its takeover deal.
In a special meeting in Colorado, its shareholders agreed to issue new shares to fund the remainder of the acquisition and rename its media group as the Formula One Group. The meeting was the latest stage in the buyout that values the sport at $8.5 billion, with Liberty saying in a statement it still expects the acquisition to close in the first financial quarter of 2017.
The closing of the deal is now dependent on approval from the FIA at an extraordinary meeting of the World Motor Sport Council on Wednesday. The governing body has so far been supportive of the deal and is expected to give the necessary blessing for the deal to go ahead.
The company controlled by U.S. businessman John Malone initiated the acquisition in September 2016. Liberty Media executives have talked of plans to grow the digital side of the sport over the coming years as well as expanding F1's presence in the U.S. market.