Two intense days for Formula 1, which is experiencing an all-encompassing shake-up with the departure of Liberty Media CEO Greg Maffei.
Formula 1 is changing inside and out, from teams and engine suppliers to the highest positions within the FIA and brand ownership. Following yesterday’s news of Niels Wittich’s departure from the Federation, another major figure is leaving the circuit. Liberty Media, owner of the Formula 1 brand, is losing Greg Maffei, CEO of the group that oversees the sport.
Greg Maffei, CEO of Liberty Media, will leave his position at the end of 2024 after nearly two decades at the company’s helm. However, he won’t be stepping away entirely; starting January 1, 2025, he will take on the role of Senior Advisor. Interim management will be handled by John Malone, chairman of Liberty Media, who will work alongside the executive team and board of directors to ensure a smooth transition.
Greg Maffei expressed that he believes this is the right time to step back from the direct leadership of the company, emphasizing that the group is now structured and strong, with talented executives in place. His leadership elevated Liberty Media’s position in motorsport, with control over Formula 1 and the planned acquisition of MotoGP, set to conclude by the end of the season and his term. Liberty Global, the parent company, also holds significant investments in the sector, including shares in Formula E.
The winds of change are blowing through Formula 1, affecting all governing bodies involved. The season’s end is proving to be exceptionally eventful, both on and off the track, with all these new developments impacting the Formula 1 world.
The reasons behind the CEO’s departure are not yet clear, but growing internal tensions cannot be ruled out.
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