AMERICAN businessman John Malone, owner of Castlemartin Stud and Ballylinch Stud, is reportedly close to securing ownership of the company which runs Formula 1 motor racing.

Malone (74) is already the largest landowner in the USA and his business interests include the telecoms and media giant Liberty Group, a part of which is Virgin Media, the Irish company which controls ITV and TV3 in Ireland.

He bought the 750-acre Castlemartin Stud in Co Kildare and the 840-acre Ballylinch Stud in Co Kilkenny in 2014.

He also owns a number of top Irish hotels following a €200 million investment in Irish property over the last four years.

Now Malone is said to be in pole position to take over Formula 1 in a deal believed to be worth up to €7.5 billion.