48 replies to this topic

[SophieB]

Formula 1 owner Liberty Media has announced its president and CEO Greg Maffei will leave his role by the end of 2024.

Maffei, who joined the American investment firm in 2005 and became its CEO in February 2006, will depart from Liberty Media after opting not to renew his expiring contract.

He will be replaced on an interim basis by Liberty Media’s chairman John Malone, and according to the company he will stay on as a senior advisor to help smoothen the management transition.

In his role Maffei has been a driving force behind the firm's acquisition of F1 in 2017, helping transform the series into a global and modern entertainment powerhouse.

Earlier this year Liberty also announced it would acquire MotoGP and add it to its wide range of entertainment properties.

https://www.autospor...media/10672658/

 

 

[sterlingfan2000]

Stefano next and then Andretti announcement for 2026

[PayasYouRace]

 

https://www.autospor...media/10672658/

 

I don’t think I’ve ever really got a handle on what any of these people actually do.

[Danicafreak]

why leave something when what you've built is just taking off?
Somethings rotten in the state of Denmark.

[FLB]

From Bloomberg: https://www.bnnbloom...cades-of-deals/

 

The important bit: 

 

 

 

Liberty has announced a series of changes to its famously complicated organization in recent months, as it looked to address stock declines and simplify share ownership. Maffei’s announcement Wednesday coincided with an agreement in which Charter Communications Inc. will acquire Liberty Broadband Corp. in an all-stock transaction that will unite two of Malone’s key holdings. 

 

Liberty also said it plans to split off the Liberty Live Group into a separate public entity that would contain 69.6 million shares of Live Nation Entertainment Inc. and Quint, which offers ticket and hospitality packages to sports and entertainment events. Liberty Media will be an independent company that includes holdings in Formula 1 and MotoGP.

 

Edited by FLB, 13 November 2024 - 17:18.

[KWSN - DSM]

John Malone 83 years old, sound as a good choice for a vibrant youth enterprise.

[FLB]

John Malone 83 years old, sound as a good choice for a vibrant youth enterprise.

I don't think this was planned... Not this way, at least.

Edited by FLB, 13 November 2024 - 17:20.

[IrvTheSwerve]

Somebody post the Alan Partridge shrugging gif.

[JRodrigues]

why leave something when what you've built is just taking off?
Somethings rotten in the state of Denmark.

 

Taking off?? Liberty Media is more than F1 and already existed long before taking over F1.

[GiuseppeF1]

https://www.autospor...rture/10672700/

 

[QUOTE]

 

Maffei rubbished those rumours and Autosport understands his announced departure has nothing to do with a change of stance, with Liberty remaining steadfast that the series is not for sale.

 

Likewise, the US Department of Justice investigation into Liberty concerning its rejection of Andretti’s bid to join F1 is understood to have had no impact on Maffei’s exit.

 

Maffei confirmed during a quarterly earnings call in August that the company faced an official probe by the justice department's Antitrust Division over the legality of refusing entry to Michael Andretti's team.

 

The fact Maffei is set to operate in a senior advisor role to ease the management transition, with Liberty chairman John Malone stepping in on an interim basis, suggests no ill-will in the parting of ways.

 

It did, however, coincide with an announcement that Liberty Media was planning a split-off between the Liberty Live Group and the subsidiaries within.

[Danicafreak]

Taking off?? Liberty Media is more than F1 and already existed long before taking over F1.

 

Sorry. Should have clarified. Why leave when what you helped create is getting bigger  and gaining even more infulence.

[FLB]

https://www.business...erty-Live-Group

 

We'll know more tomorrow.

 

 

 

Liberty Media’s President and CEO, Greg Maffei, will discuss this announcement at its previously scheduled annual Investor Meeting on Thursday, November 14, 2024 with presentations beginning at approximately 9:30 am E.T.

[KWSN - DSM]

As a tangent, wonder if the new administration will do more about twisting F1's arm getting a bona fide US Team in to F1?

[Danicafreak]

As a tangent, wonder if the new administration will do more about twisting F1's arm getting a bona fide US Team in to F1?

 

HAAS not good enough?

[FirstnameLastname]

New president?

MAF1GA

[KWSN - DSM]

HAAS not good enough?

 

No HAAS in F1, there is a Haas, and no not enough, we need more teams and the block of Andretti should not have happened.

[Danicafreak]

No HAAS in F1, there is a Haas, and no not enough, we need more teams and the block of Andretti should not have happened.

 

There were reasons for the Andretti block:

 

We already have a thread discussing this.

 

And regarding my use of capitals = not sure what you are getting at.

Edited by Danicafreak, 13 November 2024 - 19:46.

[KWSN - DSM]

There were reasons for the Andretti block:

 

We already have a thread discussing this.

 

And regarding my use of capitals = not sure what you are getting at.

 

Reasons were wrong.

 

Yes.

 

That HAAS is not a team in F1.

[loki]

Stefano next and then Andretti announcement for 2026

Maffei is in charge of so much more than the Formula One Group.  It’s only one part of what Liberty does and at that not the most profitable in terms of revenue percentage.  This has nothing to do with the Cadillac entry.

[loki]

Reasons were wrong.

 

Yes.

 

That HAAS is not a team in F1.

 

Thank you.  

[jonpollak]

I’m more worried about the Live Nation end of the deal.
How can they **** up my business more than it is already?

They’ll find a way for sure.

Jp

[Sterzo]

Sorry. Should have clarified. Why leave when what you helped create is getting bigger  and gaining even more infulence.

Man leaves job shock! It has happened before, you know. And the guy is 64 years old, and will probably be 65 after the transition completes.

[loki]

Liberty Live is being spun off as anticipation of the Ticketmaster suits.  Thinking in the industry is that the DOJ will further require Ticketmaster to be split from Liberty Live.  Right now Liberty Live is a public company in that it’s traded under Liberty and followed as a tracking stock.

[loki]

I’m more worried about the Live Nation end of the deal.
How can they **** up my business more than it is already?

They’ll find a way for sure.

Jp

Rapino’s the on that’s been driving that bus.  

[jonpollak]

I know but he’s the Devil
Jp

[Danicafreak]

Man leaves job shock! It has happened before, you know. And the guy is 64 years old, and will probably be 65 after the transition completes.

 

The timing seems suspect, but I do see your point.

[JHSingo]

Good riddance. 

I know it doesn't suddenly get Andretti on the grid, but it's still great to see the back of this clown. How he allegedly spoke to Mario Andretti at Miami was scandalous, and F1 doesn't need like parasites like that in charge.

[OvDrone]

For a way too short, but highly enjoyable tenth of a second there, I thought this was about the FIA President leaving.

 

 

[loki]

Good riddance. 

I know it doesn't suddenly get Andretti on the grid, but it's still great to see the back of this clown. How he allegedly spoke to Mario Andretti at Miami was scandalous, and F1 doesn't need like parasites like that in charge.

I wouldn’t call the guy a parasite.  He’s one of the people primarily responsible for the financial growth of F1.  The thing with Mario however disrespectful is on brand for how those guys operate.  Horner and Wolfe are no different.

[loki]

I know but he’s the Devil
Jp

Don’t insult the Devil like that…

[kumo7]

change coming in the liberty due Andretti saga, axed by DOJ investigation?

[FLB]

Liberty Live is being spun off as anticipation of the Ticketmaster suits.  Thinking in the industry is that the DOJ will further require Ticketmaster to be split from Liberty Live.  Right now Liberty Live is a public company in that it’s traded under Liberty and followed as a tracking stock.

The guy newly put in charge in Washington has little affection for some pretty big Live Nation properties. It's possible that Maffei doesn't not want to deal with any of it.

[loki]

The guy newly put in charge in Washington has little affection for some pretty big Live Nation properties. It's possible that Maffei doesn't not want to deal with any of it.

He’s too concerned with grift and culture war.  Live Nation is primarily a promoter and venue owner.  Subsidiary Frontline manages acts but it’s mostly mid line classic acts.  None of them the younger acts that were so vocal about him.

[JHSingo]

I wouldn’t call the guy a parasite.  He’s one of the people primarily responsible for the financial growth of F1.  The thing with Mario however disrespectful is on brand for how those guys operate.  Horner and Wolfe are no different.

 

Aren't they the same thing?   

Even so, he had no right to speak to Mario like that - or dictate who should and shouldn't be allowed to enter, given he'd only been around for about five minutes in the sport's history. Sound little more than a bully, full of his own self importance. 

 

Anyway, he's gone now, so see ya, Greg. 

[absinthedude]

I'm not shedding any tears. 

[taran]

Maffei is set to operate in a senior advisor role to ease the management transition.

 

Would that be the same kind of senior advisor role Liberty offered Bernie?

[FLB]

[Seppi_0_917PA]

From the transcript...

 

1:19

SO REALLY ALL OF THE PIECES THAT

1:21

WERE THERE OF LIBERTY MEDIA ARE

1:24

SEPARATED [spun-off] AND LIBERTY MEDIA IS

1:25

A PURE PLAY IN MOTORSPORT WITH

1:28

F1 AND THE PENDING ACQUISITION

1:30

OF DORNA.

[JL14]

Rumours he's stepping down because with Trump and the Republicans having won the elections, Andretti - with the support of the republicans - is 'going to war' against F1/Liberty Media to get on the grid.

 

Also, Stefano Domenicali is said to be leaving his F1 role, but stay with Liberty Media and move to MotoGP.

[brucewayne]

Rumours he's stepping down because with Trump and the Republicans having won the elections, Andretti - with the support of the republicans - is 'going to war' against F1/Liberty Media to get on the grid.

Also, Stefano Domenicali is said to be leaving his F1 role, but stay with Liberty Media and move to MotoGP.

It was dumb to not let Andretti in.

[GhostR]

Rumours he's stepping down because with Trump and the Republicans having won the elections, Andretti - with the support of the republicans - is 'going to war' against F1/Liberty Media to get on the grid.

 

Also, Stefano Domenicali is said to be leaving his F1 role, but stay with Liberty Media and move to MotoGP.

 

Domenicali apparently *isn't* leaving F1 at all. Appears that initial reporting was based on a misunderstanding of a leak that he'd be providing advice and input into the MotoGP area, but that's in addition to his existing role.

[Risil]

Rumours he's stepping down because with Trump and the Republicans having won the elections, Andretti - with the support of the republicans - is 'going to war' against F1/Liberty Media to get on the grid.

 

2 + 2 = 5000 I think

[Beri]

With all the logic in the world, this is not to be tied together in any way. But the recent exodus of high ranked FIA members and now the announcement of the departure of the CEO of an organization that publicly and regurlarly are in a hissy fit with the FIA, is something one could describe as oddly coincidental.

[Risil]

I'm not sure I see the connection between high turnover in the FIA's senior ranks and the Liberty CEO leaving! They're pretty separate organizations and I've never got the impression that MBS has found a way of influencing F1's commercial side (he has tried).

[absinthedude]

With all the logic in the world, this is not to be tied together in any way. But the recent exodus of high ranked FIA members and now the announcement of the departure of the CEO of an organization that publicly and regurlarly are in a hissy fit with the FIA, is something one could describe as oddly coincidental.

 

I'm sure they're not connected at all.....

[F1 Mike]

Greg has probably had enough of MBS the same as everyone else

[loki]

Rumours he's stepping down because with Trump and the Republicans having won the elections, Andretti - with the support of the republicans - is 'going to war' against F1/Liberty Media to get on the grid.

 

Also, Stefano Domenicali is said to be leaving his F1 role, but stay with Liberty Media and move to MotoGP.

If one knew what the political leanings of both Maffei and Malone are one would know that’s a foolish rumor.  There could be a chance the next administration calls off the investigation.

 

The comment in the previous post of Maffei leaving because of Ben Sulayem is comical.

[FLB]

Guess who's back? Liberty Media Appoints Chase Carey to Board of Directors | Business Wire

[loki]

He’s had some sort of emeritus/consultant role but not really visible.  May not have been more than a title and some retainer as a reward.  Even though they've spun iff some of these companies Liberty will be one of the primary if not the majority shareholder of voting stock.  Bring him back in a role that’s more than a title makes sense.  Particularly since Maffei has joined the Micheal Andretti Retirement Club…