A deal to seize ownership of Formula 1 will move to a vote of shareholders of American communications giant Liberty Media in the New Year.
Liberty Media has announced January 17 as the date it will table the acquisition before shareholders who will then vote on the takeover bid.
The latest development comes after Liberty took an 18.7 percent stake in F1 for a reported $971 million in September.
A 100 percent sale will see the transaction top $10 billion.
Liberty's statement read: “At the special meeting, holders will be asked to vote on proposals relating to Liberty's issuance of shares of its Series C Liberty Media common stock in connection with the proposed acquisition of Formula 1 and the renaming of the Liberty Media Group and the Liberty Media common stock to the Formula One Group and the Liberty Formula One common stock, respectively, following the proposed acquisition of Formula 1 by Liberty.”
The meeting is set down 12 days after a decision by Britain's Competition and Markets Authority (CMA) is made on whether a formal investigation into the sale will go ahead.
If the full sale proceeds, Liberty intends to trade as the Formula One Group.
As previously reported the ownership change will see Liberty Corporation's Chase Carey installed as the sport's new chairman.
Carey made his first appearance following the initial September buy-in at the Singapore Grand Prix.