Amid speculation about Liberty Media’s future direction, outgoing CEO Greg Maffei has firmly denied that his departure is tied to any plans to sell Formula 1. With the sport experiencing an unprecedented global boom under Liberty Media’s stewardship, Maffei reassured stakeholders that F1 remains a core asset with no imminent plans for a sale.
F1’s Meteoric Rise 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 expanding into the lucrative U.S. market with events in Miami, Austin, and Las Vegas, F1 has seen exponential growth. Maffei highlighted these successes in a recent CNBC interview:
“The business is very well positioned,” he said. “[We have] grown the global partnership since 2019, compounded sponsorship at 16%, and compounded all the revenue streams at something like 12%. It’s a hallmark of what sports want to be.”
Rumors of a $20 Billion Sale Quashed
Last year, rumors swirled that Saudi Arabia’s Public Investment Fund (PIF) was eyeing a $20 billion bid for Formula 1. However, Maffei emphasized that Liberty Media sees no reason to part with its crown jewel:
“Look, I don’t think there’s any plan to sell it,” he stated. “It’s got a great future, and I suspect the Board of Liberty will continue to be appropriate stewards of the shareholder capital.”
John Malone Eyes Continued Growth
As Maffei prepares to step down at the end of 2024, Liberty Media Chairman John Malone will temporarily step in as acting CEO. Malone expressed his confidence in Formula 1’s trajectory and hinted at further growth opportunities:
“Formula 1 has a very bright future as is,” Malone said. “The management team has done a brilliant job. It has a very powerful brand now that can be expanded on.”
Malone also noted potential synergies within the racing business, signaling that Liberty Media will continue to explore ways to enhance the sport’s global footprint rather than divesting it.
What’s Next for Formula 1?
F1’s revenue streams-including broadcasting, sponsorships, and high-end fan experiences-continue to grow, cementing its position as a model for modern sports. With Liberty Media at the helm, F1 has expanded its reach to newer audiences and territories, capturing the imagination of a global fanbase.
While Maffei’s departure marks a significant leadership shift, his reassurances suggest stability in Liberty’s commitment to Formula 1. For fans and stakeholders, it means the sport will likely continue to thrive under Liberty Media’s stewardship, with no imminent sale disrupting its trajectory.
Conclusion
Greg Maffei’s exit may have sparked speculation, but his parting words highlight Liberty Media’s unwavering confidence in Formula 1’s future. As the company navigates this leadership transition, its focus remains on expanding F1’s global appeal and securing its dominance in the world of motorsport.
