Liberty Media reveal stance on F1 future, could have MAJOR implications

Greg Maffei pictured with Alejandro Soberon and Carlos Slim Jr in Mexico — Photo: © LAT Images

Formula 1

Liberty Media reveal stance on F1 future, could have MAJOR implications

There is understandable interest in one of the world's fastest growing sports

Joe Ellis

Saturday 20 May 2023 20:12

Liberty Media CEO Greg Maffei has revealed the company's stance on their future in the sport of F1.

Since Liberty's takeover of F1 in 2016 for £3.3billion, the popularity of the sport has grown exponentially, especially in the United States, which has therefore seen stock rise too.

Some parties had expressed interest in buying a stake in the sport, or even buying it outright, with Saudi Arabia's increased presence causing conversations to be had.

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But Maffei has moved to ensure that F1 would not be sold anytime soon with Liberty Media very happy with how things are going.

Chase Caey led Liberty Media's purchase of F1 in 2016 but he has since stepped back from the role

Not on the cards

“Is there any chance we’re going to sell this thing and incur corporate tax? That should stop any discussion that anyone says that our friends, the Saudis, are going to buy it next week or something like that? If anybody knows us, they should know that’s just not in our cards," Maffei said.

Liberty Media have taken F1 in a new direction since their arrival in the sport and with popularity booming, it appears to be working.

There are now three races in the United States after a handful of years where there weren't any on US soil following the departure of Indianapolis.

There are record numbers of countries wanting to host a race so F1's best interests are to stay under the Liberty umbrella for now.