“With the news of our additional funding, we are delighted to confirm that LKYSUNZ is prepared to meet the teams’ request and pay a $600m anti-dilution payment despite this current cycle of the financial regulations stating $200m," chief executive Benjamin Durand said to Sport Business.
"We look forward to continuing our positive discussions with the FIA and are thrilled by our partners’ financial backing.
“Our ambition has always been to ensure that the sport remains competitive whilst bringing true diversity into the paddock, which is vital for the long-term growth for all in Formula 1.
"We know commercially the opportunity to expand the sport into Asia and Africa is 100 per cent the right decision, it’s viable and most importantly it’s what prospective and current motorsport fans around the world are demanding.
"The significant financial commitment from our partners is an endorsement, and we are confident that our entry can propel the interest in the sport to reach new heights.”
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.
We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.