Liberty Media labels F1 the ‘hallmark’ of sports amidst rumors of potential sale
Liberty Media's incumbent CEO Greg Maffei deemed F1 as the hallmark of sports with the sport growing tremendously in all spheres.
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F1 and Greg Maffei, images via IMAGO
While F1 has been making headlines worldwide, rumors of the championship’s rights being sold to another firm had been doing the rounds in the paddock. Liberty Media’s CEO Greg Maffei labeled F1 as the hallmark of sports to quash such speculation.
Liberty Media acquired F1 in 2017 and quite literally revolutionized the sport with the increased involvement of the entertainment industry. Netflix’s Drive To Survive series helped increase F1’s fanbase, while drivers and teams saw an increase in their social media presence.
Rumors about Liberty Media’s intentions of cashing out on their investment began to circulate after recent equity sales increased. Greg Maffei‘s stance said otherwise as he asserted the great positioning F1 has in the sports industry.
Oh, I think F1 is incredibly well positioned. Probably the company I’m proudest to have been involved with because we really — Liberty bought it, helped change the strategy, brought in Chase Carey, did an amazing job… 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.
Greg Maffei said (via CNBC)
The 64-year-old will be soon stepping down from his CEO role after the end of the 2024 year. He is set to be succeeded by current chairman John Malone, who will supervise the various assets that the American media company controls.
Greg Maffei asserted his faith in Liberty Media’s new leadership amidst his departure
With Greg Maffei soon leaving his role, there is a chance that his vision of F1 might not be continued by his successors. Though John Malone has a good reputation in the paddock, internal pressures within Liberty Media could cause a fallout.
Despite such possibilities, the incumbent CEO claimed that his heirs would not consider selling F1 in the near future.
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.
Greg Maffei said (via CNBC)
Selling F1’s commercial rights would seem to be out of Liberty Media’s mind as the 2024 season has become one of the most competitive F1 seasons in recent history. With six drivers having taken multiple victories, there is a three-way fight for the constructors’ championship.
On the drivers’ side, Max Verstappen has a comfortable lead of 62 points in the table. The Dutchman could win his fourth driver’s championship in the upcoming Las Vegas Grand Prix.
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Geetansh Pasricha
(772 Articles Published)