Liberty Media has completed its previously announced acquisition of Formula 1 and appointed Chase Carey as Chief Executive Officer, in addition to his existing role as Chairman.
Carey has replaced Bernie Ecclestone who has been appointed as Chairman Emeritus of F1 and will be available as a source of advice for the board of F1.
“I am excited to be taking on the additional role of CEO. 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,” said Chase Carey, Chairman and CEO of F1.
“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.”
Bernie Ecclestone, 86, has been in charge of Formula 1 for nearly 40 years before being replaced by the sport’s new owners.
“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. 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,” Eclestone says.
The transaction price represents an enterprise value for F1 of $8.0 billion and an equity value of $4.4 billion. With the completion of the acquisition, the Liberty Media Group will shortly be renamed the Formula One Group and the ticker symbols for the tracking stocks will be changed to FWON soon after the group name change has become effective. Liberty Media expects the group name change and the symbol change to occur later this week. F1 will remain based in London and Greg Maffei will be Deputy Chair of the board of F1.