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In a surprising twist, former Formula 1 CEO Chase Carey has confirmed his return to Liberty Media following a significant management shake-up. This announcement comes in the wake of a surprising exit by Greg Maffei, who stepped down from his role as the president and CEO of Liberty Media in November 2024. The unexpected departure of Maffei has led to a reshuffling of responsibilities within the company, particularly within its F1 operations.
Following Maffei’s exit, John Malone, one of Liberty Media’s key figures, has assumed Maffei’s role on an interim basis. Meanwhile, Stefano Domenicali, the president and CEO of Formula 1, has taken on additional responsibilities as the organization navigates this period of transition. However, the biggest surprise came with the news that Chase Carey, who previously served as F1’s CEO from 2017 until 2021, would be making a return to Liberty Media’s executive fold.
Carey is widely credited with having played a pivotal role in reshaping Formula 1 during his tenure as CEO. One of his most notable contributions was the introduction of the cost-cap rule in 2021, a measure designed to level the playing field among teams and make the sport more competitive. This initiative has had a lasting impact on F1, forcing teams to reevaluate their financial strategies and operational structures, helping to narrow the performance gaps between teams.
At 71, Carey’s return marks a significant development in the ongoing evolution of Liberty Media’s strategic approach to both Formula 1 and its wider portfolio of entertainment assets. While Carey will not be directly involved in the day-to-day operations of F1, his new role will see him join Liberty Media’s executive committee, providing guidance and support to the current leadership team, particularly Stefano Domenicali. Domenicali, who took over from Carey as F1’s CEO, will benefit from Carey’s wealth of experience and expertise.
In an official statement, Malone, who is temporarily stepping into Maffei’s role, spoke highly of Carey’s contributions to the growth of Formula 1. “Chase was instrumental in building a successful foundation at F1 from which the business has grown materially,” said Malone. He went on to emphasize Carey’s vast knowledge across media, entertainment, sports, and business, and how these skills would be invaluable to Liberty Media as it continues to focus on expanding its assets and driving future growth.
For his part, Carey expressed excitement about returning to the fold. “Liberty is at an exciting point in its storied evolution, with a more focused asset base centered around high-quality, premium sporting assets that I know well,” Carey remarked in the announcement. He further added that he was looking forward to working in close collaboration with Malone, Liberty’s management, and the leadership teams across the company’s portfolio.
The timing of Carey’s return to Liberty Media is significant, coming at a moment when Formula 1 is experiencing rapid growth. Under Domenicali’s leadership, F1 has expanded its global footprint, attracting new fans and securing major broadcasting deals. The sport’s popularity has soared, thanks in part to initiatives like the Drive to Survive documentary series, which has played a crucial role in attracting a younger, more diverse audience.
Carey’s return to Liberty Media comes as the company seeks to strengthen its position in the competitive landscape of global sports and media. His extensive experience in both the business and entertainment sectors makes him a valuable asset as Liberty continues to navigate the challenges of an ever-evolving sports media market.
Although Carey will not be involved in the day-to-day operations of Formula 1, his return signals a renewed focus on the future direction of the sport. His strategic insight and past achievements in transforming F1’s financial and operational structure will no doubt contribute to the continued success of the sport under Domenicali’s leadership.
As Liberty Media positions itself for further growth, the reappointment of Chase Carey underscores the company’s commitment to building a sustainable, long-term future for its sports properties, with Formula 1 at the forefront of its plans. Fans and stakeholders alike will be keen to see how the reshuffled management team shapes the next chapter in the story of Formula 1’s expansion and transformation.
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