Formula One’s $8.5bn sale to Liberty Media is to begin next week, with the first of two payments to be made on Tuesday (6 September), according to reports.
Boss Bernie Ecclestone confirmed the deal to German trade magazine auto motor und sport during the Italian Grand Prix at Monza on Saturday (3 September).
What role Ecclestone plays at the company following the buy-out is unclear. He is quoted as saying: "I will do what I have always done. What role I play is my decision."
Sky as well as Liberty Media's sister company Liberty Global and Discovery Communications were also reported as interested buyers in the Formula One sale.
Formula One’s major shareholders include private equity firm CVC Capital Partners which has a 35.5 percent stake and US fund manager Waddell & Reed with 20.9 per cent.
Ecclestone holds 5.3 percent and his Bambino Trust has another 8.5 percent.