Amid speculation over the future direction of Liberty Media, outgoing CEO Greg Maffei has strongly denied his departure is linked to plans to sell Formula 1. With the sport experiencing an unprecedented global boom under Liberty Media's leadership , Maffei reassured stakeholders that F1 remains a core asset with no imminent sale plans.
The meteoric rise of F1 under Liberty Media
Since acquiring Formula 1 from Bernie Ecclestone in 2017, Liberty Media has transformed the sport into a global powerhouse. With strategic initiatives such as Netflix’s Drive to Survive and expansion into the lucrative American market with events in Miami, Austin and Las Vegas, F1 has grown exponentially. Maffei highlighted these successes during a recent interview with CNBC:
“The company is very well positioned,” he declared. « [Nous avons] developed the global partnership since 2019, with sponsorship compounding at 16%, and all revenue streams compounding at approximately 12%. He is a model of what the sport wants to be. »
Rumors of $20 billion sale debunked
Last year, rumors swirled that Saudi Arabia's Public Investment Fund (PIF) was considering a $20 billion bid for Formula 1. However, Maffei stressed that Liberty Media sees no reason to separate from its jewel:
“Look, I don’t think there’s any plan to sell it,” he declared. “It has a bright future, and I suspect Liberty’s board will continue to be appropriate stewards of shareholders’ capital.” »
John Malone aims for continued growth
As Maffei prepares to step down at the end of 2024, Liberty Media Chairman John Malone will temporarily assume the role of interim CEO. Malone expressed confidence in Formula 1's trajectory and hinted there were further opportunities for growth:
“Formula 1 has a very promising future as it stands,” Malone said. “The management team has done a brilliant job. She has a very powerful brand now that can be expanded. »
Malone also noted potential synergies within the racing sector, signaling that Liberty Media will continue to explore ways to enhance the sport's global footprint rather than divesting from it.
What’s next for Formula 1?
F1's revenue streams—including broadcasting, sponsorships and premium fan experiences—continue to grow, cementing its position as a model for modern sports. With Liberty Media at the helm, F1 has expanded its audience to new audiences and territories, capturing the imagination of a global fan base.
Although Maffei's departure marks a significant change in leadership, his assurances suggest stability in Liberty's commitment to Formula 1. For fans and stakeholders, it means the sport will likely continue to thrive under Maffei's leadership. Liberty Media, with no imminent sale disrupting its trajectory.
Conclusion
Greg Maffei's departure may have sparked speculation, but his final words underline Liberty Media's unwavering confidence in the future of Formula 1. As the company navigates through this leadership transition, its focus remains on 'widen F1's global appeal and secure its dominance in the world of motorsport.
