Greg Maffei to Step Down as CEO of Liberty Media Amid Key Transitions in Formula 1

Greg Maffei, the president and CEO of Liberty Media, will step down from his role at the end of this year. Maffei, 64, has been instrumental in the development of Formula 1 since Liberty Media acquired the sport's commercial rights in 2017.

Following Maffei's departure, Liberty Media chairman John Malone will assume the position of interim CEO beginning January 1, 2025, while Maffei remains on board to assist with the management transition.

Maffei's exit comes at a critical juncture for F1, with negotiations underway for new commercial agreements that will shape the future of the sport beyond 2025. These deals, which bind the teams to the series, are set to expire in just over a year.

Additionally, Formula 1 is facing an investigation by the U.S. Department of Justice over its rejection of a bid from American racing group Andretti to enter the championship. Sources indicate that this has caused some internal tension within F1 Management, although those issues are now reported to be easing, and Maffei's departure is unrelated to the Andretti matter.

Liberty Media has also experienced other significant changes in recent weeks, including the departure of long-time F1 legal advisor Sacha Woodward-Hill, a former confidante of ex-F1 boss Bernie Ecclestone.

Maffei played a crucial role in improving relations between Formula 1 and the sport's governing body, the FIA, particularly after tensions arose under FIA president Mohammed Ben Sulayem. Ben Sulayem's controversial actions had caused friction between the governing body, the teams, and Liberty Media, but Maffei's intervention led to a more productive dynamic, especially regarding commercial matters.

With Maffei's exit, more responsibility will fall on Stefano Domenicali, who has served as F1's president and CEO of the commercial side since 2021. In recent months, following a restructuring of Liberty's shareholding, Maffei had seen some of his duties shift, including oversight of the Atlanta Braves baseball team and SiriusXM radio.

In a statement, Maffei reflected on his time at Liberty, saying: “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.”

John Malone praised Maffei's contributions, stating: “Since joining in 2005, Greg has been at the forefront of the exciting evolution in the lifecycle of Liberty. He has grown our asset base and made the company better and more valuable for shareholders, along the way overseeing as many as five separate public companies simultaneously. Especially following today's transaction announcements, our company is simpler and more focused than ever before, which is a perfect capstone for Greg's accomplished career at Liberty.”

Maffei's departure marks the fourth senior executive departure from Liberty Media since the acquisition of Formula 1. Former F1 CEO Chase Carey stepped down at the end of 2020 after overseeing a major restructure of the sport, which resulted in Stefano Domenicali taking over. Ross Brawn, former Mercedes team principal, left his role as F1's managing director in 2022, while Sean Bratches, the first commercial director of F1 under Liberty's ownership, departed in 2020. Bratches is credited with the creation of the highly successful Netflix series Drive to Survive, which played a significant role in expanding Formula 1's global fanbase.