F1 sale verdict cast by departing Liberty CEO as $20billion takeover rumour revisited

Liberty Media CEO Greg Maffei does not believe there is “any plan” to sell F1 once he departs the company at the end of the year, saying the sport is “incredibly well positioned” for the future.

Maffei announced earlier this week he is stepping down from his role as chief executive at Liberty Media, the owners of Formula 1 since 2017, after almost 20 years in his current position, with the American mass media firm holding interests in a wide range of companies elsewhere.

Outgoing Liberty Media CEO: F1 ‘incredibly well positioned’ for the future

Liberty Media agreed to purchase F1 for $4.4billion, with the deal completed back in early 2017, and the sport has undergone a period of significant growth since then.

The calendar has expanded but as has its audience, with the success of Netflix docuseries Drive to Survive hailed for its impact in bringing a new wave of fans to the sport.

Maffei was at the helm throughout this process, and will be taking a step back from his position at the end of the year – but he believes the success Formula 1 has had since Liberty’s takeover is a model that others are looking to as an example in modern sport.

“Oh, I think F1 is incredibly well positioned,” Maffei told CNBC.

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“Probably the company I’m proudest to have been involved because we really — Liberty bought it, helped change the strategy, brought in Chase Carey, did an amazing job.

“Stefano Domenicali has done well, but the business is very well positioned, right? You know, grown the global partnership since 2019. We’ve compounded sponsorship at 16%. We’ve compounded all the revenue streams at something like 12%.

“It’s really been a hallmark of what sports wants to be, you know, growing fan interest through things like Drive to Survive, growing sponsorship, growing high-end experiences.

“Sort of a model everyone else is a little bit trying to follow. Everyone’s done it super well.”

The growth of the sport had led to suggestions of a potential takeover bid in recent years, with Saudi Arabia’s Public Investment Fund having been linked with a $20billion bid in early 2023 – though this was dismissed as rumour and Maffei said himself last summer Liberty Media would want “a hell of a lot more than that” to sell up.

When asked if selling F1 was on the agenda, Maffei replied: “Look, I don’t think there’s any plan to sell it.

“It’s got a great future, but, you know, I suspect the Board of Liberty will be appropriate stewards of the shareholder capital.”

As for his own future, Maffei confirmed he is bowing out of his role at the end of his current deal as CEO of Liberty Media, and while he will be staying on as an advisor, Liberty chairman John Malone will be stepping into the position as chief executive in the interim next year.

“All the stage is set,” Maffei added. “My contract was expiring at the end of the year, and I thought I’d go check out another chapter.”

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