It's official, Formula 1 is now under new management. The Federation de l'Automobile (FIA) recently approved of Liberty Media's Formula 1 (F1) takeover from current proprietor CVC Capital Partners.

The transaction will see the 100% transfer of Delta Topco Limited's (holding company of Formula One Group) shares in F1 to one of the tracking stocks of Liberty Media. Also included in the purchase are the commercial rights of the FIA Formula 1 World Championship as it is owned by Delta Topco Limited.

Liberty Media, Formula One Group and the FIA plan on collaborating to create a constructive relationship that will continue the success and development of the motorsport for the long run.

In a statement, the World Motor Council believes that the FIA's decision to choose a new owner for F1 reaffirms Liberty Media's as an expert in both sports and entertainment.

The FIA is looking forward to work with Liberty Media to further advance and develop the prestigious motorsport.

In our previous report, Liberty Media will apparently invest $4.4 billion in F1, as well as settle the $4.1 billion debt accumulated by the motorsport. The new owner has already put down $1.1 billion payment to CVC boss Bernie Ecclestone for the 18.7-percent stake in F1. In total Liberty Media will reportedly pay an enterprise value over $8 billion.

Beyond that, there will also be a new Chairman in Formula. Leading the motorsport will be Chase Carey. Currently, Chase is the executive vice preseident of 21st Century Fox and is one of the key persons responsible for the launch of Fox Sports and Fox News.