Greg Maffei talks about his resignation and potential sale of Formula 1
Yesterday at 01:18 PM
If Formula 1 is now universally recognized as one of the most popular sports in the world, much of the credit goes to Greg Maffei.
Born in New York in 1960, the American joined Liberty Media, a media company founded in 1991 by John Malone, in 2005, taking on the role of president and CEO.
In 2017, Liberty made a bold move into the motorsports sector by acquiring 100% of the Formula 1 shares from CVC Capital Partners for a total of $4.4 billion.
After nearly twenty years at the helm of the American group, Maffei decided not to renew his contract, which was set to expire at the end of the season, and resigned just over 24 hours ago.
In his place, while awaiting an official replacement, John Malone himself has taken over as interim CEO.
The End of the Greg Maffei Era
In an interview with CNBC, the New Yorker explained the reasons behind his decision to step down: “The table is set. My contract was expiring at the end of the year, and I thought it was time to open a new chapter.”
“The business is well-positioned. We've grown global partnerships since 2019. We’ve increased sponsorships by 16%. All revenue streams have grown by about 12%.
“It has really been a hallmark of what the sport wants to be: increasing fan interest through things like 'Drive to Survive', increasing sponsorships, enhancing high-level experiences. It's a model that everyone else is trying to follow. Everyone has done it very well. The management team has done a great job,” John Malone added when also questioned by the American network.
“It has a very strong brand that can be expanded. And there are many synergies in the racing sector for expansion. So I think I'll keep an eye on it for a few years before deciding whether it would be better to combine it with something else.”
Finally, when asked about the potential sale of the Formula 1 brand to the Arab investment fund PIF, as had been rumored in recent months, Maffei responded: “I don’t think there's a plan to sell it. It has a great future, but I suspect the Liberty board will properly manage the shareholders’ capital.”
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