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Liberty Media announces $1bn F1 debt reduction
Despite Formula 1 being on its summer break, new owners Liberty Media’s CEO Chase Carey has surprised everyone when he announced that they had “eliminated an extensive $1bn tier of debt” associated with CVC’s operation of F1. In revealing its interim financial figures for the second quarter of 2017, Liberty Media revealed that F1 registered a three-per-cent increase in revenue, up to $616m (£475m). Operating income fell from $90m (£70m) to $45m (£35m), with sales, general and administrative expenses all increasing by around 33%. The debt repayment was financed by an initial equity offering that generated $388m coupled with subsequent refinancing...
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