The rights' sale comes as the sport faces an uncertain future

CVC's Donald Mackenzie said the company was now looking forward to working with F1 boss Bernie Ecclestone "to further develop and grow the business".

The European Commission gave the green light to the deal last week, saying it would not significantly impede effective competition.

CVC will run F1 through new subsidiary Alpha Prema UK.

Uncertain future

Brussels approval of the deal was conditional on CVC selling Spanish subsidiary Dorna.

CVC plans to keep Ecclestone as chief executive.

The 75-year-old has made a fortune from exploiting the rights to F1.

The sport is still facing an uncertain future, with car makers threatening to break away and set up a rival championship in 2008 unless significant changes are made to the way it is run.

Mr Ecclestone and German bank BayernLB are selling their stakes to CVC Capital Partners for an undisclosed price, giving CVC majority control over the motor racing company.

CVC currently owns 38 firms in Europe and is also the majority shareholder of the Automobile Association (AA) in the UK.