CEO Carey "reset the tone" of Formula 1
CEO Carey "reset the tone" of Formula 1
Liberty Media president and CEO Greg Maffei has paid tribute to outgoing Formula 1 CEO and chairman Chase Carey saying the American "reset the tone" of the sport.
In 2016, Carey headed a three-man team of Ross Brawn, Sean Bratches and himself as Liberty Media took control of F1.
The trio acted as the replacement for former-supremo Bernie Ecclestone and oversaw a period of sustained financial growth.
Bratches walked away from his role in January and, in September, Carey announced he too would be stepping down from his post and that former-Ferrari boss Stefano Domenicali would serve as his replacement.
Speaking on a conference call with Wall Street analysts, Maffei said: “I want to thank Chase Carey for his major accomplishments over the last four years. He reset the tone and created a spirit of cooperation in F1 that has changed the collective outlook for the business.
“Many thought a cost cap could not be achieved, let alone new regulations and a new Concorde Agreement of the magnitude that has been accomplished, so full credit to Chase.
“I am so pleased that he will stay on and [be] involved as non-executive chairman.
“I’m also thrilled that Stefano Domenicali will join us as CEO in January. He has a rich history in Formula 1 and his appointment has been met with resounding positive feedback inside and outside of the paddock.”
At the start of the pandemic, through cancelled and postponed races, F1 lost $2.6 billion USD in stock market value but, after the introduction of strict social distancing and coronavirus testing measures allowed the season to resume with a shortened calendar, the damage has been limited and an upwards trend resumed.
“We returned to racing in early July and to date impressively have completed 13 of a planned 17-race season," added Maffei.
“It’s a huge credit to the F1 team, a major feat to accomplish our target of 15-18 races.
“During the quarter we also reached the signing of our new Concorde Agreement with all 10 teams. This, along with the cost cap and earlier regulations, should create more parity and a healthier ecosystem.
“The SiriusXM team is working on the 2021 calendar and should set a new bar for the number of races.
“Saudi Arabia has, with our consultation, announced their place on the 2021 calendar following extensive speculation and we look forward to a new long-term partnership with them."
Before you go...
Grosjean: Russell "first and only" driver to message after losing Haas seat
"Stronger collaboration" behind improved Ocon pace
Related
Change your timezone:
Latest News
F1 News Today: 'Game over' for Perez as Red Bull chief claims rivals 'pressuring' star into contract
- 1 hour ago
Cullen sends out new relationship love as F1 team punished for GP injury – GPFans F1 Recap
- Yesterday 23:57
Perez makes 'game over' admission after Chinese GP disappointment
- Yesterday 22:57
Red Bull chief claims team 'pressuring' star driver into contract
- Yesterday 21:57
Marko reveals Vettel requirements for stunning F1 comeback
- Yesterday 20:57
Fierce Hamilton F1 rival raises timing issue for Ferrari move
- Yesterday 19:57
Related news
F1 owners CONFIRM massive £3.5bn acquisition
Major F1 acquisition to be announced 'next week' as new details emerge on £3.5 billion splurge
F1 owners ‘close’ to stunning £3.5 BILLION takeover of motorsport rival
Liberty Media targets '£3.5 BILLION' motorsport investment
F1 Standings
Drivers
- Oliver Bearman
- Charles Leclerc
- Carlos Sainz
- Lando Norris
- Oscar Piastri
- Pierre Gasly
- Esteban Ocon
- Sergio Pérez
- Max Verstappen
- Alexander Albon
- Logan Sargeant
- Lewis Hamilton
- George Russell
- Nico Hülkenberg
- Kevin Magnussen
- Fernando Alonso
- Lance Stroll
- Valtteri Bottas
- Zhou Guanyu
- Daniel Ricciardo
- Yuki Tsunoda
Races
- Gulf Air Grand Prix of Bahrain 2024
- Saudi Arabian Grand Prix 2024
- Grand Prix of Australia 2024
- MSC Cruises Grand Prix of Japan 2024
- Grand Prix of China 2024
- Miami Grand Prix 2024
- Gran Premio dell'Emilia Romagna 2024
- Grand Prix of Monaco 2024
- Grand Prix du Canada 2024
- Gran Premio de España 2024
- Grand Prix of Austria 2024
- Grand Prix of Great Britain 2024
- Grand Prix of Hungary 2024
- Grand Prix of Belgium 2024
- Heineken Dutch Grand Prix 2024
- Grand Prix of Italy 2024
- Grand Prix of Azerbaijan 2024
- Grand Prix of Singapore 2024
- Grand Prix of the United States 2024
- Gran Premio de la Ciudad de Mexico 2024
- Grande Prêmio de São Paulo 2024
- Heineken Silver Las Vegas Grand Prix 2024
- Qatar Grand Prix 2024
- Grand Prix of Abu Dhabi 2024
About GPFans
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.
Follow us on your favorite social media channel
Corporate & Media
Innovatieweg 20C7007 CD, Doetinchem, Netherlands
+31645516860