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$1.4 billion cash injection to support Formula 1 from Liberty Media
Liberty Media has provided a $1.4 billion lifeline to help Formula 1 and its teams overcome the current economic downturn. Liberty Media announced on Thursday a re-allocation of assets, transferring the stake in Live Nation Entertainment from the Formula One Group to its SiriusXM trading stock. The move accounted for $1.5 billion in net asset value and has significantly reduced Formula 1’s debt and provided cash injection for $1.4 billion. During a call with Wall Street analyst, the Liberty Media CEO, Greg Maffei, claimed that the asset exchange between the two Liberty’s entities was the best way to inject fresh liquidity into the Formula 1 ecosystem. “We looked at a range of...
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4y ago from TheCheckeredFlag.co.uk
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