FORMULA 1 has a new owner.

Liberty Media, an American media and communications company, has purchased the sport for the princely sum of US$8 billion.

Bernie Ecclestone remain as the CEO, continuing his reign over the commercial interests of the sport that has seen F1 grow into a multi billion-dollar empire, but he will be reporting to a new chairman.

Chase Carey, executive vice-chairman of 21st Century Fox and tipped as a potential successor to Rupert Murdoch of the head of News Corp, has been installed as chairman.

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“I am thrilled to take up the role of Chairman of Formula One and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team,” Carey said.

“I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world. I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike.”

Ecclestone added: “I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them.”

The head of Liberty Media, Greg Maffei, said the group will apply its extensive media expertise to the sport.

“We are excited to become part of Formula One,” he said.

“We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders.

“We look forward to working closely with Chase Carey and Bernie Ecclestone to support the next phase of growth for this hugely popular global sport.”

The deal begins with Liberty purchasing an 18.4 per cent stake of Delta Topco, the parent company of F1, growing that to 100 per cent once the group has satisfied all conditions of the sale, which includes approval by world Motorsport governing body the FIA.

The sale is expected to be completed by the first quarter of 2017.

The completion of the sale will not signal the end of current owners CVC Capital in the sport, with the investment group to retain positions on F1’s board as well as a CVC representative being made a director of Liberty Media.