Liberty Media announced that they have prolonged their contract with F1’s president and CEO Stefano Domenicali. The former Ferrari teamboss will now be at the helm of the sport through 2029, according to the press release.
Domenicali took the role of F1’s president and CEO on Januari 1st 2021. While his plans have not received unanimous approval from the fans, he has guided the sport to new (commercial) heights. With increased fan engagement, increased revenues and a larger calendar than ever, the sport is thriving.
The Italian started his motorsports career at Ferrari, where he eventually became the team principal in 2008. After a few meager years at the Scuderia, he left for Audi AG in 2014. He joined Lamborghini in 2016, before succeeding Chase Carey as F1’s president and CEO.
Domenicali “honoured to continue”
Stefano Domenicali said the following about his extension.
“I am honoured to continue to lead this incredible sport, which I love and has been part of my life since my childhood and grateful to the Liberty Media Team for their trust.
“Together, with all the relevant F1 stakeholders, we will continue to serve the best interest of our fans, as they are the heartbeat of everything we do. The passion, the energy and the adrenaline are the fuel that powers me every day to give my absolute best to Formula 1.”
Derek Chang, CEO of Liberty Media, said: “We are thrilled to renew Stefano and look forward to his leadership alongside the talented management of Formula 1 for the years ahead. Stefano has been an excellent steward of the business, building on its successful foundation and accelerating Formula 1’s rate of growth both commercially and in fan engagement.
“His energy and enthusiasm for the sport translate into highly effective strategy and results. On behalf of Liberty, we are thankful for his partnership and incredibly optimistic about the continued success the F1 team can drive for the sport, our fans, partners and shareholders.”
