While Europe is the sport's traditional base, the championship operates globally, with 11 of the 21 races in the 2019 season taking place outside Europe. With the annual cost of running a mid-tier team—designing, building, and maintaining cars, pay, transport—being US$120 million, its financial and political battles are widely reported. Its high profile and popularity have created a major merchandising environment, which has resulted in large investments from sponsors and budgets (in the hundreds of millions for the constructors). On 23 January 2017 Liberty Media confirmed the completion of the acquisition of Delta Topco, the company that controls Formula One, from private-equity firm CVC Capital Partners for $8 billion.