Liberty Media has completed its US$8 billion takeover of Formula 1 and appointed Chase Carey as CEO, replacing longstanding F1 boss Bernie Ecclestone.
After some 40 years in charge of the sport Ecclestone now becomes ‘chairman emeritus’ and will be available as “a source of advice” for the F1 board.
Carey, who also serves as chairman of the board at 21st Century Fox, takes the F1 CEO role alongside his existing position as F1 chairman, taking operational control over the business.
“F1 has huge potential with multiple untapped opportunities,” said Carey. “I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport. We will work with all of these partners to enhance the racing experience and add new dimensions to the sport.”
Liberty Media president and CEO, Greg Maffei, said: “There is an enormous opportunity to grow the sport, and we have every confidence that Chase, with his abilities and experience, is the right person to achieve this.”
Ecclestone said he was proud of the business that he had built over the past 40 years and is “very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1.”
Liberty Media confirmed that it was buying the Formula 1 motor sports business last September. The transaction price represents an enterprise value for F1 of US$8.0 billion and an equity value of US$4.4 billion.
With the completion of the deal, Liberty Media Group will be renamed the Formula One Group and its tracking stocks will change from LMC to FWON. Liberty said it expects this to happen later this week.
Formula 1 will remain based in London and Maffei, who first joined Liberty in 2005, will become deputy chair of the F1 board.
Carey has worked at 21st Century Fox as vice-chairman of the board and a consultant to the company since July 2016. He previously served as executive vice-chairman of the company from July 2015 to July 2016 and as president, chief operating officer and deputy chairman of the board from 2009 to July 2015.
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