Liberty Media CEO to Depart Amid Critical Period for F1

Greg Maffei, who serves as president and chief executive officer of Formula 1 owner Liberty Media, is scheduled to depart from his position at the close of the current year. His departure marks the fourth instance of a senior executive leaving Liberty Media since the company’s acquisition of F1 in 2017. The 64-year-old American executive has played a crucial role in the evolution of F1 since the US-based company Liberty acquired its commercial rights in 2017. John Malone, the chairman of Liberty Media, will assume Maffei’s responsibilities on an interim basis starting January 1. Maffei will remain to “to support the management transition.” Maffei’s exit coincides with a critical period for F1, as the commercial agreements that link the teams to the sport are currently undergoing renegotiation prior to their expiration at the conclusion of 2025. Furthermore, the sport is subject to an investigation by the US Department of Justice regarding its refusal of an entry proposal from the American racing organization Andretti. Sources have confirmed that this situation generated tensions within F1 Management, a company owned by Liberty, in recent months. However, these tensions are reportedly now alleviated, and Maffei’s departure is not connected to the Andretti matter. Recent weeks have also seen significant change with the departure of Sacha Woodward-Hill, a long-serving F1 lawyer and former confidant of previous F1 boss Bernie Ecclestone, who was removed when Liberty assumed control of the sport. Maffei played a central role in fostering a more effective relationship with the governing body, the FIA, following a series of controversial actions by its president, Mohammed Ben Sulayem, which caused concern for F1 and its teams. While these issues have persisted in other aspects of the sporting side, Ben Sulayem has refrained from involvement in commercial affairs over the last year, subsequent to an intervention by Maffei. Maffei’s departure will place increased responsibility on Stefano Domenicali, the F1 president and chief executive officer, who has managed the commercial operations of the sport under Maffei’s oversight since 2021. In recent months, subsequent to a reorganization of Liberty’s shareholdings, Maffei’s responsibilities within the company have been reduced, no longer including the Atlanta Braves baseball team and the SiriusXM radio station. Maffei stated: “All the Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct ownership in their upside.” He added: “The corporate structure is optimised, and the portfolio companies are in strong positions with talented executive teams in place. While it’s never easy to leave an organisation as dynamic as Liberty, I am confident that this is the right time.” Malone commented: “Since joining in 2005, Greg has been at the forefront of the exciting evolution in the lifecycle of Liberty.” Malone continued: “He has grown our asset base and made the company better and more valuable for shareholders, along the way overseeing as many as five separate public companies simultaneously.” He concluded: “Especially following today’s transaction announcements, our company is simpler and more focused than ever before, which is a perfect capstone for Greg’s accomplished career at Liberty.” Maffei represents the fourth senior executive to depart from Liberty Media since its acquisition of F1. Chase Carey, appointed chairman and chief executive upon Liberty’s takeover, resigned at the close of 2020 after overseeing a restructuring of the sport, transferring leadership to Domenicali. Ross Brawn, a former Mercedes team principal who was named managing director by Carey in 2017, departed from his position in 2022. Sean Bratches, the initial commercial director, also left in 2020. His most notable contribution was the creation of the successful Netflix documentary series “Drive to Survive,” which is widely recognized for significantly boosting F1’s global popularity since Liberty’s acquisition.