Formula 1 is on the verge of being sold to a US media company in a deal said to be worth $8.4 billion.

The sport is currently controlled by CVC Capital Partners with its 35 per cent stake in the company that owns the Formula One Group, Delta Topco. According to Sky Sports, CVC is preparing to sell its controlling stake in the sport to Liberty Media Corporation which will see media mogul Chase Carey named as F1's new chairman.

It is reported that Liberty Media Corporation could purchase CVC's 35 per cent stake as early as today and ultimately push forward with its plans to acquire 100 per cent of the sport's shares. It could then list F1 on the New York Stock Exchange.

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