Formula One has changed hands, bought by US company Liberty Media Corporation for around $8billion.

The exact financial workings of the deal are complex, but essentially Liberty Media will take control of F1 in a two-step process to be completed in the first quarter of 2017 which will see it become the majority shareholder with a 35.5 per cent stake.

Current owners, private equity firm CVC Capital Partners, will retain a large stake (24.7 per cent) and also have a representative on the Liberty Media board of directors.

F1 Monza 2016 podium

The change in ownership is expected to benefit F1, with Liberty Media said to be taking a long-term view of the sport, including broadening its audience via new broadcast platforms and giving the teams a stake in the sport to improve stability.