London: Bernie Ecclestone has vowed to carry on as Formula One’s chief executive despite a planned pounds 6 billion takeover of the sport, setting up a fight for control with one of Rupert Murdoch’s closest lieutenants.

Ecclestone claimed he has been offered three more years by American giant Liberty Media should its takeover go through. Ecclestone, who will be 86 next month, had suggested he may walk away after four decades at the helm but on Wednesday confirmed he will continue.

“There’s no change to my role — I’m staying,” Ecclestone told The Daily Telegraph. “I will continue to do all the things I have previously done, negotiate with the circuits, television companies and people like that. It’ll make no difference. I’ll just have a bit of help.”

Ecclestone faces an unprecedented battle for power with Chase Carey, executive vice-chairman of Murdoch’s 21st Century Fox, who is due to be confirmed as F1’s new executive chairman next Tuesday. Every other executive Ecclestone has been forced to work alongside, he has seen off.

The beginning

But he is likely to find Carey one of the toughest adversaries he has faced in 40 years running Formula One. Many believe the 61-year-old’s expected appointment could mark the beginning of the end of Ecclestone’s reign. Ecclestone will not be at the Singapore Grand Prix next week because of the negotiations.

According to Bloomberg, John Malone’s Liberty Media Corp. agreed to buy the company that controls Formula One from private equity firm CVC Capital Partners Ltd. for $4.4 billion in cash, stock and convertible debt, giving the US cable-TV entrepreneur ownership of the dominant international auto-racing circuit.

Liberty is acquiring an 18.7 per cent stake in Formula 1 parent Delta Topco right away and will take full ownership later, according to a statement Wednesday. Delta Topco investors, led by London-based CVC, will own 65 per cent of Liberty Media Group, a unit of Liberty Media Corp., after the transaction. Malone will retain control of the company through voting shares.

The deal reflects a push by media companies to secure popular programming at a time when TV faces increasing competition from digital alternatives. Broadcasters and advertisers prize sports events like Formula One and English Premier League soccer because they draw large live viewing audiences and have a growing global following.

While Formula One has struggled to crack the US market, it generated $1.3 billion from TV rights and other revenue sources including race-hosting fees in 2014, the most recent year available, according to filings at the UK’s Companies House. Liberty Global Plc, a London-listed sister company to Liberty Media, owns cable operator Virgin Media in the UK and other broadband and TV providers.

(With inputs from Bloomberg)