Key F1 chief RESIGNS in shock exit

Greg Maffei, CEO of Formula 1 rights holder Liberty Media, has resigned from his role and will leave at the end of 2024.

Liberty Media took over as F1's rights holder in 2017, an acquisition that was very much driven forward by Maffei in the role that he has held since 2006.

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The company are an American mass media brand that were founded back in 1991. As well as F1, the company announced earlier this year that they had acquired another motorsport series in Moto GP, in a $4.2billion acquisition.

Liberty Media's influence on F1 has been clear to see, with the sport growing exponentially into new countries, and expanding in the US market thanks in part to the success of hit Netflix series Drive to Survive.

Maffei to leave Liberty Media

Now, Liberty Media have confirmed that Maffei will leave his position as CEO at the end of 2024, and will be replaced on an interim basis by chairman John Malone.

Maffei becomes the second high-profile F1 exit of the week, following the news that FIA race director Niels Wittich will leave his role immediately.

In a statement, Maffei said: "The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating and endlessly eventful.

"Following today’s announcements at Liberty Media and Liberty Broadband, all the Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct ownership in their upside.

"The corporate structure is optimised, and the portfolio companies are in strong positions with talented executive teams in place.

"While it’s never easy to leave an organisation as dynamic as Liberty, I am confident that this is the right time. I have thoroughly enjoyed working alongside and learning from John, our board, the management teams at Liberty and across the family of companies and our shareholders."

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