ENGLEWOOD, Colo. — Greg Maffei will be leaving his position as president and CEO of Liberty Media, the parent company of Formula 1, as announced in a statement on Wednesday. Maffei is set to conclude his tenure at the end of his contract this year and will transition into an advisory role. Meanwhile, John Malone, the 83-year-old chairman of Liberty Media, will assume the role of interim CEO during this transition period.
Maffei, who is 64 years old, expressed his mixed feelings about departing from a vibrant organization like Liberty, stating, “While it’s never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time.” He played a significant role in the acquisition of Formula 1 in 2017 from long-time rights holder Bernie Ecclestone. At that time, he anticipated a tremendous opportunity for growth within the sport.
Since the takeover, the popularity of Formula 1 has surged, significantly influenced by the Netflix documentary series “Drive To Survive.” This rise in interest has been particularly notable in the United States, which now hosts three races annually. The upcoming Las Vegas Grand Prix is scheduled for next week.
In August, it was reported that Liberty Media was under investigation by the U.S. Department of Justice concerning its rejection of Andretti Global’s proposal to become the 11th F1 team. Maffei noted during that period that Liberty was open to new applicants seeking entry into the sport and highlighted that approvals could be granted if specific criteria were fulfilled.
Liberty Media also made strides in expanding its portfolio by venturing into motorcycle racing, agreeing to a substantial deal earlier this year worth approximately $4.5 billion for the MotoGP series.
