Friday, November 22, 2024

Greg Maffei steps down as CEO of Englewood-based Liberty Media, the company that owns F1

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ENGLEWOOD — Greg Maffei is stepping down as president and chief executive of Liberty Media, the company that owns Formula 1.

Liberty Media said Wednesday that Maffei would leave his role when his contract expires at the end of the year and become an adviser. The company’s 83-year-old chairman, John Malone, will be the interim CEO.

“While it’s never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time,” Maffei, 64, said in a statement.

He was a leading figure in the takeover of F1 in 2017 from long-time rights holder Bernie Ecclestone. At the time, Maffei predicted “an enormous opportunity to grow the sport.”

The years since then have seen a boom in interest in F1, in part driven by the success of the Netflix series “Drive To Survive”. That’s particularly true in the United States, which now hosts three races a year. The Las Vegas Grand Prix is next week.

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