Formula 1

Liberty Media completes purchase of Formula 1

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Chase Carey is the new CEO of Formula 1 after Liberty Media completed their takeover - Credit: Octane Photographic Ltd

The Liberty Media Corporation have announced they have completed the purchase of Formula 1, and one of their first moves is to appoint Chase Carey as the new Chief Executive Officer.

Carey will take on the responsibilities previously held by Bernie Ecclestone, who himself has been appointed as the new Chairman Emeritus of Formula 1, with the aim of providing advice to the new board.

Greg Maffei, the President and CEO of the Liberty Media Corporation, has admitted his delight to have completed the buyout of Formula 1, and in having Mr Carey come in as the new CEO of Formula 1.

“We are delighted to have completed the acquisition of F1 and that Chase will lead this business as CEO,” said Maffei. “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.

“I’d like to thank Bernie Ecclestone, who becomes Chairman Emeritus, for his tremendous success in building this remarkable global sport.”

Carey is happy to be taking on the extra responsibilities of CEO on top of his role of Chairman of Formula 1, and has recognised the incredible impact that Ecclestone has had over the sport during his tenure in charge.

“I am excited to be taking on the additional role of CEO,” said Carey. “F1 has huge potential with multiple untapped opportunities. 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 and we look forward to sharing these plans overtime.

“I would like to recognise and thank Bernie for his leadership over the decades. The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family. Bernie’s role as Chairman Emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved.”

Ecclestone admits his pride of how Formula 1 was developed under his leadership, and believes that Liberty Media and Mr Carey will benefit the sport and help it expand still further.

“I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with,” said Ecclestone.

“I’m very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport.”

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