Liberty Media CEO refutes F1 sale rumors amid exit

Liberty Media's departing CEO Greg Maffei has moved to quash speculation about a potential Formula 1 sale, asserting that the sport's future remains firmly secured under its current ownership despite his imminent exit from the company.

Unprecedented growth under Liberty stewardship

Since Liberty Media's $4.4billion acquisition of Formula 1 in 2017, the sport has experienced a remarkable transformation, with Maffei playing a pivotal role in reshaping its commercial landscape.

Speaking to CNBC, he expressed particular pride in F1's achievements under Liberty's ownership.

"F1 is incredibly well positioned,"

Maffei stated, highlighting the strategic changes implemented after Liberty's takeover.

"We've compounded sponsorship at 16%. We've compounded all the revenue streams at something like 12%."

Drive to survive effect

The sport's explosive growth has been particularly evident in its expanding global footprint, with the Netflix series Drive to Survive credited as a catalyst for attracting a new generation of fans.

This successful formula has become what Maffei describes as "a model everyone else is a little bit trying to follow."

Takeover Rumors addressed

Despite persistent speculation about potential buyers, including reports of a $20billion bid from Saudi Arabia's Public Investment Fund in early 2023, Maffei's stance remains unequivocal.

"I don't think there's any plan to sell it,"

he affirmed, adding that the sport

"has got a great future."

Leadership transition

As Maffei prepares to conclude his nearly two-decade tenure at the end of this year, Liberty chairman John Malone will step in as interim CEO.

The transition comes at a time of unprecedented success for F1, with Maffei confident in the board's continued stewardship of the sport.

"All the stage is set,"

Maffei reflected on his departure.

"My contract was expiring at the end of the year, and I thought I'd go check out another chapter."

The outgoing CEO's legacy includes overseeing F1's digital transformation, calendar expansion, and significant commercial growth, setting a blueprint for modern sports entertainment that continues to attract both traditional fans and new audiences alike.