Formula One could undergo its biggest facelift in years with US-based Liberty Media in advanced talks to take control of the motor sport.

Discussions with F1's biggest shareholders CVC, who own a 35.5 per cent stake, are believed to be at an advanced stage and an announcement could come as soon as Wednesday.

But what does this mean for F1 and its fans? Here, Sportsmail takes a look at what the American media giants would bring to the table...

Who is Liberty Media and do they have experience in sport?

The £6.5billion deal with Liberty Media, who have stakes in several sport companies including Atlanta Braves Major League baseball club, would finally see a change of ownership after years of rumours. 

American media mogul John Malone is poised to become the sport's new custodian despite interest from broadcaster Sky, Paris Saint-Germain's owner Qatar Sports Investments and Stephen Ross, owner of NFL side the Miami Dolphins.

When will it be announced? 

German magazine Auto Motor und Sport reported at the Italian Grand Prix that the first of two instalments in an £6.5bn deal were expected to be paid on Tuesday. Liberty Media declined to comment. 

The publication also quoted Bernie Ecclestone, who is employed as Formula One chief executive by CVC, as saying his future role would be his decision.

Monday's edition of the Financial Times suggested talks between Liberty Media and current 35 per cent majority stake owners CVC Partners, were 'at an advanced stage'.

Although influential Formula One figures are keeping quiet, an announcement could come as soon as Wednesday.

Why has there been criticism for Formula One?

News of the imminent deal would see the flag fall on CVC's chequered association.

One of the world's leading private equity firms, it invested in Formula One in 2006 for around £900million but has been attacked for taking too much out of the sport.

In 2014, Bob Fernley, Force India's deputy team chief, accused CVC of reaping the massive rewards in F1 without putting anything back.

He accused them of having 'no interest whatsoever in the future of Formula One'.

CVC previously sold a 21 per cent share to US-based fund manager Waddell & Reed in 2012, while also selling shares to another American investment group, BlackRock, and Norwegian bank Norges.

Earlier this year, drivers issued a joint letter calling the decision-making 'obsolete and ill-structured'. 

In an interview with Sportsmail before the season started, Bernie Ecclestone, the F1 chief, opened up about the sport's demise.

He said: 'The result is that Formula One is the worst it has ever been. I wouldn't spend my money to take my family to watch a race. No way.'

What does this mean for Formula One? 

A sale would end years of speculation and rumours about a potential change of ownership for the motor sport.

Should the takeover go through as expected, Formula One would receive the shake-up many believe it is in desperate need of.

With a technical shake-up in Formula 1 happening for the 2017 season - the FIA claim substantial gains of five to six seconds are expected - it promises to be a new-look to the sport. 

And with new ownership, too, the sport is set for a huge facelift. A takeover by a media and entertainment group, and the injection of fresh ideas, could see the sport attract a new audience and bring the X-Factor back to F1.

It's undoubtedly an exciting time for a sport which has seen Mercedes, and Lewis Hamilton in particular, dominate in recent years.

Who will run the sport?

Chase Carey, executive vice-chairman of Rupert Murdoch's media empire 21st Century Fox, is thought to be lined up as chief executive. 

So what does this mean Bernie Ecclestone? 

Ecclestone, who will be 86 next month, has insisted he will remain Formula One's puppet master regardless of whether the sport gets new owners.  

Even if Liberty Media do push through their takeover, Ecclestone, who is employed as F1 chief executive by CVC, is likely to be indispensable to the incoming owners.

He said: 'I'll keep on doing what I have always done.'

CVC chairman Donald Mackenzie added: 'As far as I am aware, Bernie is going nowhere. Nothing has changed.' 

'There is obviously a lot of speculation going on. I sincerely hope it is not Bernie's last race and I don't believe it will be,' said Red Bull team principal Christian Horner at the Italian Grand Prix.

'It could be a really exciting deal for Formula One if it happens...but for a new group to come in without him being there would be very difficult, so I'd assume he'll be around for some time.' 

What has been said about the imminent takeover? 

'If there is an investor that wants to buy the shares it is good news for Formula One,' said Mercedes chief Toto Wolff.

'Maybe it is good news that an American media company buys Formula One. I don't know what happens in terms of management,' he added.