Liberty Media has announced that the investment opportunity offered to Formula 1 teams to purchase up to approximately 19 million shares of Formula One common stock (known as FWONK shares) has expired. The Formula 1 teams were offered the opportunity to invest at a per share purchase price of $21.26 at the time of Liberty’s acquisition of Delta Topco Limited, the parent company of Formula 1, on January 23, 2017. This offer was subject to a six month investment review process.
“We have been actively engaged with all teams to shape a shared vision for the sport that will create real value for all stakeholders,” says Chase Carey, the Formula One chairman, “While the window for this particular investment opportunity has passed, we are pleased with the collaborative discussions we are having with the teams. These discussions will take time, but we appreciate their receptivity towards further aligning our incentives for the long-term benefit of the sport.”
FWONK stock is currently trading at $34.23. There are currently around 230.6 million shares outstanding.