SHOCK F1 return announced after surprise 2024 exit…More
SHOCK F1 return announced after surprise 2024 exit
Liberty Media, the owner of Formula 1, has announced a significant leadership change following the unexpected resignation of Greg Maffei as president and CEO in November 2024.
John Malone has temporarily assumed Maffei’s responsibilities while F1’s president and CEO, Stefano Domenicali, has taken on additional duties during this transitional period.
In a surprising move, Chase Carey, former CEO of Formula 1, is returning to Liberty Media.
Carey, who stepped down from his F1 role in 2021, will join Liberty Media’s board as part of its executive committee.
While Carey won’t be involved in the daily operations of Formula 1, he will work closely with Domenicali, reigniting their professional partnership to support the sport’s ongoing development.
Carey is widely credited with implementing the transformative cost-cap rule in 2021, which has reshaped F1 by leveling the playing field among teams.
His return is seen as a strategic step by Liberty Media to leverage his expertise in sports, media, and business as the company seeks to enhance its premium sports assets.
Malone praised Carey’s contributions to F1, noting that his leadership laid a strong foundation for the sport’s significant growth.
He expressed confidence that Carey’s insights would help guide Liberty Media through its next phase of expansion.
Carey himself expressed enthusiasm for his new role, highlighting Liberty’s focus on high-quality sporting assets.
He stated his eagerness to collaborate with Malone, Liberty’s management team, and its portfolio companies to drive future growth and value creation.
This marks a noteworthy return for Carey, who played a pivotal role in modernizing F1 during his tenure, as Liberty Media navigates its next chapter.
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