Liberty Media has announced an agreement with third-party investors to raise $1.55 billion to support the purchase of Formula 1.

Liberty bought a controlling stake in the sport back in September, in a deal worth $8 billion.

The deal was for a 19.1 percent stake, brought from main shareholder CVC Capital Partners.

On Wednesday, Liberty said a deal with investors had been reached to fund the acquisition.

The third-party investors are Coatue Management, the Shaw group, JANA Partners, Ruane, Cunniff & Goldfarb, Soroban Capital Partners, SPO Advisory, and Viking Global Investors.

The investors have committed to the financing through a subscription of Liberty's common stock, valued at $25 per share.

Liberty also said a CVC representative will be joining the its board of directors.

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"This is a significant step in Liberty Media's transformative acquisition of Formula 1 and is further confirmation that the future of the sport is bright," said Formula 1 chairman Chase Carey.

Liberty Media CEO Greg Maffei added: "We are excited that this impressive list of investors will participate in the acquisition of Formula 1.

"This group shares our enthusiasm for the sport and our belief in the opportunity to develop and grow it for the benefit of the fans, teams, sponsors and our shareholders.

"We look forward to closing the transaction in early 2017."

Source: Motorsport.com

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