Formula 1 chief Chase Carey has revealed that a $1-billion debt has been eliminated as shown in the Liberty Media financial results for the second quarter of this year. Carey confirmed, 'We've successfully eliminated an expensive $1-billion tier of debt, repriced our remaining debt, and have also received upgrades from the ratings agencies. The combined effects of which will be to reduce annual interest expense by up to $90-million going forward.' 'Under impending changes to UK tax law, which are expected to be introduced shortly, and which will cap interest deductibility at a percentage of EBITDA, at our current level of pre-tax profitability the interest that has been saved would no...
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