Maffei stepping down as President and CEO of Liberty Media

Liberty Media said in a statement Wednesday that Maffei would leave his role when his contract expires at the end of the year and become an advisor. 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.”

He added: “The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating and endlessly eventful. Following today’s announcements at Liberty Media and Liberty Broadband, 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 optimized, and the portfolio companies are in strong positions with talented executive teams in place. While it’s never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time.

“I have thoroughly enjoyed working alongside and learning from John, our board, the management teams at Liberty and across the family of companies and our shareholders,” said Maffei.

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.

Liberty Media said in August that it was under investigation by the U.S. Department of Justice over denying Andretti Global’s bid to become F1’s 11th team. Maffei said at the time that the company is open to new entrants applying, and potentially being approved, if certain requirements are met.

Liberty Media also expanded into motorcycle racing in April when it agreed a deal worth around $4.5 billion for the MotoGP series.

Maffei, will be stepping down from his role at the end of 2024. Liberty Media’s Chairman, John Malone, will assume the role of interim CEO and will work closely with the Liberty Media executive team and the Board of Directors to ensure a seamless transition. Maffei will step down at the expiration of his contract at year-end and will serve as a Senior Advisor effective January 1st to support the management transition.

Malone said in the statement: “On behalf of the Liberty Media board, I’d like to thank Greg for his leadership, creativity and dedication.

“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. I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an Advisor," added Malone.

(Additional reporting GrandPrix247)