In June 1999, the European Commission announced that it would examine the FIA, FOA and Communicators International Sportsworld on the issue of abuse of dominance and restriction of competition.  ECC, owned by Ecclestone, signed a 14-year contract with the FIA in 1996 for the exclusive rights to broadcast 18 FIA championships. These include a $2.9 billion loan and a $500 million revolving line of credit available to the competition. Under the new conditions, leverage will not apply until January 1, 2022. U.S. media giant Liberty Media, the parent company of Formula 1, has agreed with its subsidiary Delta Topco Limited, which owns all shares in the sport, to refinance conditions. For more information about Formula 1® visit www.formula1.com. This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the benefits of changing the term credit facility and revolving credit, the schedule of Formula 1 races, compliance with certain conditions and other non-historical facts. These forward-looking statements involve numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including, but not limited to possible changes in market acceptance of new products or services, changes in legislation and their application, regulatory issues relating to Formula 1 activity , and the effects of the new coronavirus pandemic (including general market conditions and The capacity of Formula 1). , live events and fan visits at these events). These forward-looking statements relate only to the date of this press release and Liberty expressly disclaims any obligation or obligation to disclose any updates or changes to any forward-looking statements contained in the statement, in order to reflect any change in Liberty`s expectations regarding this or that statement. Please note Liberty`s publicly presented documents, including the latest Annual Report on Form 10-K and quarterly reports on Form 10-Q, for risks and uncertainties related to liberty business that may influence the statements contained in this press release.
Formula 1 conditions include the maintenance of $200 million in minimum liquidity (including unlimited cash assets and cash equivalents and available revolving credit facility commitments), as well as certain restrictions on dividends, other payments and the appearance of additional debts. Formula 1 reserves the possibility of resuming the obligation to comply with the net leverage financial pact before 1 January 2022 and, in this case, the corresponding additional conditions no longer apply. To date, the first revolving credit facility worth $500 million has not been used. Delta Topco Limited and its subsidiaries are charged to the Formula 1 group, as well as the debts described above. ENGLEWOOD, Colo.–(BUSINESS WIRE)-Liberty Media Corporation (“Liberty”) (Nasdaq: LSXMA, LSXMB, LSXMK, BATRA, BATRK, FWONA, FWONK) announced today that it intends to launch a refinancing procedure for the first mortgage of $3.302 million for certain subsidiaries of Delta Topco Limited, the subsidiary of Liberty, which owns all of its shares in Formula 1. In parallel with the refinancing, Delta Topco Limited`s affected subsidiaries intend to repay up to $400 million of the first loan for the duration of the equity loan, using a combination of excess cash on the balance sheet and loans under the pfand`s first revolving credit facility, provided the necessary approvals and financing of the loans in question are obtained.