P1racenews AI automatic summary:
F1’s rise since Liberty Media’s takeover has been stratospheric.
Outgoing Liberty Media CEO Greg Maffei believes Formula 1 (F1) has become a role model that other sports now aspire to follow due to its remarkable rise under Liberty’s leadership in the past eight years. The sport, currently valued at over $20 billion, has seen all 10 teams individually valued at around $1 billion, a significant shift from just a decade ago. The popularity of F1 has surged, partly attributed to the success of the ‘Drive to Survive’ docu-series on Netflix, as described by Maffei as “incredibly well positioned”. Despite earlier rumors of a potential takeover in early 2023, Maffei expressed confidence in F1’s current status and its future prospects, emphasizing the board of Liberty as capable stewards of the sport’s growth and shareholder capital. Maffei also commended the strategic transformations initiated by Liberty, particularly the tenure of Chase Carey as CEO, followed by Stefano Domenicali, which have contributed to F1’s global partnerships, sponsorships, and revenue streams expansion.
