Liberty Media has been given the green light to complete a purchase of Formula One following a meeting of its shareholders.
The reported £6.4billion takeover, which will see the American media organisation become Formula One's leading shareholder, has now been passed to the FIA, the sport's governing body, for final approval.
A meeting has been called by the FIA of its World Motor Sport Council on Wednesday, where Liberty's purchase will be discussed.
Liberty's takeover could now be completed by March.
The buyout will see private equity firm CVC sell its 35.5 per cent share of F1. Liberty Media already holds a 19.1 per cent stake in the business.
American Chase Carey was announced as the sport's new chairman last year while Bernie Ecclestone, the 86-year-old who has ruled F1 for 40 years, remained as its chief executive.
Liberty's takeover could see Formula One undergo an enormous facelift and the sport is also hopeful of having a greater impact in America, a country which it has so far struggled to break.
American businessman John Malone, Liberty Media's 75-year-old chairman, earned the nickname Darth Vader for his hard-line attitude. He has built up a cable media empire within and far beyond the United States.
Liberty owns Virgin Media and also has a large share of the Discovery Communications group, which has the Discovery Channel and Eurosport in its portfolio, and baseball's Atlanta Braves.
The new Formula One season gets under way in Melbourne on March 26.
Source: PA
