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Formula 1 Sold to U.S. Media Conglomerate for $8 Bil

Race czar Ecclestone planning to remain CEO.

by on Sep.08, 2016

Despite a limited US presence, Formula One has been sold to Colorado's Liberty Media.

Meet the new boss. Same as the old boss. Though the exclusive Formula One race series has been sold to a U.S. media conglomerate, at least one thing will stay the same: controversial CEO Bernie Ecclestone will remain the CEO of the powerful motor sports empire.

But whether there could be other changes in store remains to be seen now that the Colorado-based Liberty Media Group has purchased F1 for $8 billion. One of the big questions is whether Liberty will take steps to increase the popularity of Formula One in the U.S. market where interest lags compared to Europe and many other parts of the world.

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“We are excited to become part of Formula One,” said Greg Maffei, the CEO of Liberty Media. “We think our long-term perspective and expertise with media and sports assets will allow us to be good stewards of Formula One and benefit fans, teams and our shareholders.”

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