The outgoing CEO of Formula One’s owner, Liberty Media, does not think there is “any plan to sell” the racing series, saying it has a “great future.”
Liberty announced on Wednesday that Greg Maffei, who has served as its CEO for 19 years, will step down from his role at the end of the year upon the expiration of his contract.
Maffei, 64, will continue to work with Liberty as a senior adviser to help the management transition, while Liberty Media chairman John Malone serves as interim CEO.
Liberty acquired F1 in 2017 and has rapidly grown the series into one of the most popular sporting products in the world, including a particular swell of interest in the United States, which now hosts three races per season.
Liberty said in announcing Maffei’s departure that it was part of a move to simplify its corporate structure. His role had been subject to some change in recent years following the decision to spin off MLB’s Atlanta Braves and broadcaster SiriusXM into separate companies.
On CNBC, Maffei said he thought F1 was “incredibly well positioned” for the future and that it was “probably the company I’m proudest to have been involved in.”
“The business is very well positioned, right?” Maffei said. “(We have) grown the global partnership since 2019. We’ve compounded sponsorship at 16 percent. We’ve compounded all the revenue streams at something like 12 percent. It’s really been a hallmark of what sports wants to be, growing fan interest through things like ‘Drive to Survive,’ growing sponsorship, growing high-end experiences.
“(It is) sort of a model everyone else is a little bit trying to follow. Everyone’s done it super well.”
In recent years, F1’s commercial boom has led to suggestions that it could be subject to a takeover bid, potentially from Saudi Arabia’s Public Investment Fund. Last year, Saudi Arabia’s sports minister, Prince Abdulaziz bin Turki Al Faisal, told The Athletic that rumors of a $20 billion bid were “pure speculation.”
Asked on CNBC if there was a future where F1 might be acquired, potentially by PIF, 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.”
Also appearing on CNBC, Malone said he thought F1 had a “very bright future as is” in response to a question about the sport being kept as an independent company or possibly being sold. Malone will oversee Maffei’s duties until a new CEO is appointed.
“The management team has done a brilliant job,” Malone said. “It has a very powerful brand now that can be expanded on. And there are many opportunities to expand in the racing business synergistically. So I think I’m certainly going to watch it for a few years before any decision that it would be better off combined with something else.”
Maffei’s departure comes as F1 engages in talks with the 10 teams and its governing body, the FIA, over the new Concorde Agreement, which is the commercial ties between the groups. The new Concorde Agreement will come into force from 2026. F1’s CEO, Stefano Domenicali, reported to Maffei at Liberty and is heavily involved in leading those talks.
One of the big talking points among F1’s stakeholders in the past two years has been a possible expansion of the grid after F1 management rejected Andretti’s joining as an 11th team until at least 2028.
The Department of Justice’s antitrust division is now investigating the decision. Maffei said on an earnings call in August that Liberty believed F1’s decision was “in compliance with all applicable US antitrust laws.” According to sources familiar with the matter, Maffei’s decision to step down was not linked to the DOJ investigation.
In explaining his decision today, Maffei said he “got to declare victory” on the deals he did while at Liberty and that “it seemed like a good time to say all the table is cleaned up there.”
“All the stage is set,” he said. “My contract was expiring at the end of the year. And I thought I’d go check out another chapter.”
Top photo: Jared C. Tilton/Getty Images
