SHOCK F1 return announced after surprise 2024 exit

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SHOCK F1 return announced after surprise 2024 exit

A familiar face has returned to Formula 1

Sheona Mountford F1 Journalist

Motorsport journalist working in F1 since 2024.

Wednesday 11 December 2024 09:55 Updated: 14:15

A key Formula 1 figure has announced their shock return to Liberty Media in the wake of a surprise 2024 exit.

F1's owners, Liberty Media, have undergone a major managerial shift in recent weeks after a key figure left their position.

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Greg Maffei stepped down from his role as president and chief executive officer of Liberty Media, in a shock exit in November.

Since then, John Malone has taken over Maffei’s role on an interim basis, as more responsibility has been bestowed on F1 president and chief executive officer Stefano Domenicali.

Greg Maffei (left) stepped down from his role as Liberty Media CEO in November

Stefano Domenicali remains in his position as F1 CEO

Chase Carey makes F1 return with Liberty Media

However, it has recently been announced that former F1 CEO Chase Carey will return to Liberty Media, after leaving his role in 2021.

Carey is best known for implementing F1’s cost-cap rule in 2021 in a bid to increase the competition between teams, which has transformed how they operate in recent years.

The 71-year-old will serve on the executive committee of Liberty Media's board, and whilst Carey won't be running F1 day-to-day, he will support current CEO Domenicali, as the pair resume their working relationship.

"Chase was instrumental in building a successful foundation at F1 from which the business has grown materially," Malone said in an official statement.

Chase Carey returned to the F1 paddock at the 2024 Abu Dhabi Grand Prix

"Chase’s knowledge and expertise across media, entertainment, sports, business and more will be valuable to the board as our companies execute on their next chapters of growth and value creation."

"Liberty is at an exciting point in its storied evolution, with a more focused asset base centred around high-quality, premium sporting assets that I know well," Carey himself added.

"I look forward to contributing to Liberty as a director in partnership with John, Liberty management and the portfolio company leadership teams."

F1 Ferrari Hamilton Stefano Domenicali Liberty Media Greg Maffei