The World Motorsport Council has unanimously approved the sale of F1 and its commercial rights to the US communications giant Liberty Media Corporation.

The transaction will see F1 Group holding company Delta Topco transfer 100 percent of its shares to Liberty.

Liberty Media, which will change its name to Formula 1 Group, presented a detailed outline of its future strategy at the meeting.

WMSC members quizzed Liberty on its future plans for the sport and ongoing working relationship with the FIA.

“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,” a statement released by the FIA read.

“The World Motor Sport Council’s decision confirms the FIA’s belief that Liberty, as a renowned media organisation with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle Championship.

“The FIA holds a one per cent shareholding in Delta Topco.

“As part of the sale by CVC to Liberty Media Corporation, and in line with the agreements between the FIA and the Formula One Group, the FIA will be dragged along in the sale process under the same conditions as CVC and all the other shareholders.”