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Formula One CEO Says Overhaul Deal Talks in ‘Final Stages’

F1 Winter Testing in Barcelona - Day Two

Photographer: Mark Thompson/Getty Images

Formula One is close to concluding years of negotiations with teams over a new charter, a crucial piece of Liberty Media Corp.’s overhaul plans for the sport, according to Chief Executive Officer Chase Carey.

“We’re in the final stages of it,” Carey said in an interview at the World Economic Forum in Davos, Switzerland. The current agreement between the Formula One company, its competitor teams, and the motor sport governing body, the Federation Internationale de L’Automobile, expires in a year.