Formula One governing body approves Liberty Media takeover

London: Formula One`s governing body gave its approval on Wednesday to CVC Capital Partners` sale of the sport`s commercial rights to Liberty Media.

The International Automobile Federation (FIA) said in a statement that its World Motor Sport Council had unanimously approved the change of control at an extraordinary meeting in Geneva.

"Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term," it said.

Liberty Media, controlled by U.S. cable mogul John Malone, took control of the sport in September in a deal valued at $8 billion.