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Liberty Media says it has received all required approvals from antitrust authorities regarding its planned purchase of Formula 1.

The American organisation is set to become F1's biggest shareholder through the purchase of shares from a consortium of sellers led by majority shareholder CVC Capital Partners.

Liberty took a step closer to completing the purchase earlier this week when it announced it has raised $1.55billion from investors.

However, in order to complete the deal, it needs to meet three criteria, the first of which was receiving approval from antitrust authorities in various countries.

According to Liberty, this has now been achieved.

The deal is still subject to approval by its shareholders, who have been called to a special meeting on January 17 to vote on the acquisition.

Liberty also requires the approval of F1's governing body the FIA.

Providing all is well, Liberty expects the acquisition to close before the end of the first quarter in 2017.