Bernie Ecclestone .jpg
Photograph: Photo by Ryan Bayona, used under CC BY

Formula One is on the verge of being sold to the business group Liberty Media, a report said Saturday.

"If Liberty Media transfer the money on Tuesday, a new era in the elite class will begin," the German magazine 'Auto, Motor und Sport' reported online.

The United States-based Liberty Media is on the verge of an 8.5 billion dollar deal with current owners, including the CVC investment company which bought into the sport 10 years ago.

Formula One chief Bernie Ecclestone confirmed the deal to 'Auto, Motor und Sport', which says the first of two payments in the sale is due next week.

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