F1 owner issues official statement as major signing announced

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F1 owner issues official statement as major signing announced

An official statement was released on Thursday

Simmey Hannifin Donaldson

Friday 10 January 2025 08:29 Updated: 20:41

Formula 1 owner Liberty Media have announced a major signing ahead of the 2025 season.

It was revealed in November that Greg Maffei would be stepping down from his role as president of Liberty Media, and the organisation have now revealed his successor in an official statement.

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The new Liberty Media president is set to start his role on February 1, with John Malone continuing to serve as interim CEO until that date.

Greg Maffei (left) stepped down as Liberty Media president in November

F1 CEO Stefano Domenicali will report into Chang and others

Liberty Media and F1

Liberty Media has announced the signing of Derek Chang, formerly of EverPass Media and NBA China.

"Liberty Media Corporation today announced that Derek Chang has been appointed President and Chief Executive Officer," their official statement began.

"Mr. Chang is a veteran executive across the global media, sports and entertainment industries. He has led operating, corporate development and investment teams at prominent companies during various stages of growth including EverPass Media, the NBA, DIRECTV, Scripps, Charter and TCI.

"Mr. Chang has been a director of Liberty Media since March 2021, providing a deep understanding of Liberty’s operating businesses and corporate history."

As part of his role at Liberty Media, Chang will join the Executive Committee of the Liberty Media Board alongside Malone, Vice Chairman Dob Bennett and Chase Carey.

Stefano Domenicali, President and CEO of Formula 1, will report to this Liberty Media committee.

Liberty Media has owned F1 since 2017, having agreed to acquire a controlling stake in the Formula One Group in late 2016.

Ferrari Stefano Domenicali Liberty Media