F1 branded ‘a role model’ for other sports to follow
Outgoing Liberty Media CEO Greg Maffei believes F1 has become a
role model other sports now want to follow. F1’s rise over the past
eight years since Liberty Media took over the reins from supremo
Bernie Ecclestone has been startling. In early 2023, when Saudi
Arabia’s PIF (Public Investment Fund) was rumoured to be interested
in a takeover, the sport was valued at over $20 billion. All 10
teams are also valued at around $1 billion, in stark contrast to a
decade ago when the likes of HRT, Caterham/Lotus and Manor/Marussia
all came and went in a matter of years. Aided by the Netflix boom
via the ‘Drive to Survive’ docu-series, Maffei has described F1 as
“incredibly well positioned”. Speaking to CNBC’s ‘Squawk on the
Street’ programme, Maffei, who will leave his post at the end of
the year, has hailed F1 as “the company I’m proudest to have been
involved [with]”. He added: “Liberty bought it, helped change the
strategy, brought in Chase Carey [as CEO], [who] did an amazing
job. After Chase left, Stefano Domenicali has done well.” Maffei
went on to offer figures that have grown across the board in terms
of global partnerships, sponsorship and revenue streams. “It [F1]
has been a hallmark of what sports want to be, you know, growing
fan interest through things like Drive to Survive, growing
sponsorship, growing high-end experiences,” he said. “Sort of a
model everyone else is a little bit trying to follow. Everyone’s
done it super well.” As to the prospects of F1 being sold any time
soon, Maffei said: “Look, I don’t think there’s any plan to sell
it. “It’s got a great future, but, you know, I suspect the board of
Liberty will be appropriate stewards of the shareholder capital.”
role model other sports now want to follow. F1’s rise over the past
eight years since Liberty Media took over the reins from supremo
Bernie Ecclestone has been startling. In early 2023, when Saudi
Arabia’s PIF (Public Investment Fund) was rumoured to be interested
in a takeover, the sport was valued at over $20 billion. All 10
teams are also valued at around $1 billion, in stark contrast to a
decade ago when the likes of HRT, Caterham/Lotus and Manor/Marussia
all came and went in a matter of years. Aided by the Netflix boom
via the ‘Drive to Survive’ docu-series, Maffei has described F1 as
“incredibly well positioned”. Speaking to CNBC’s ‘Squawk on the
Street’ programme, Maffei, who will leave his post at the end of
the year, has hailed F1 as “the company I’m proudest to have been
involved [with]”. He added: “Liberty bought it, helped change the
strategy, brought in Chase Carey [as CEO], [who] did an amazing
job. After Chase left, Stefano Domenicali has done well.” Maffei
went on to offer figures that have grown across the board in terms
of global partnerships, sponsorship and revenue streams. “It [F1]
has been a hallmark of what sports want to be, you know, growing
fan interest through things like Drive to Survive, growing
sponsorship, growing high-end experiences,” he said. “Sort of a
model everyone else is a little bit trying to follow. Everyone’s
done it super well.” As to the prospects of F1 being sold any time
soon, Maffei said: “Look, I don’t think there’s any plan to sell
it. “It’s got a great future, but, you know, I suspect the board of
Liberty will be appropriate stewards of the shareholder capital.”
Ian Parkes
Go to seatrade maritime