Carey joins Liberty Media board to strengthen sports investments
Former Formula 1 CEO Chase Carey has been appointed to the board of directors of Liberty Media, the commercial rights holder of Formula 1, as the company positions itself for its next phase of growth in global sports.
Carey, who played a pivotal role in Liberty Media’s acquisition of F1 in 2017 and subsequently led the sport’s transformation as its CEO until 2021, returns to Liberty at a crucial juncture.
The company is preparing for significant changes, including the departure of its CEO Greg Maffei at the end of the year, the acquisition of MotoGP, and the spin-off of its Liberty Live Group to streamline its focus on high-value sports assets like F1.
Liberty Media Chairman John Malone praised Carey’s extensive expertise and critical contributions to the company’s previous successes, including the F1 acquisition and its subsequent resurgence.
“Chase has been an excellent partner to Liberty for many years, from our investment in DIRECTV in 2008 to Liberty’s purchase of Formula 1 in 2017 where his role as CEO was key to securing the acquisition,” said Malone.
“He was instrumental in building a successful foundation at F1 from which the business has grown materially.
“Chase’s knowledge and expertise across media, entertainment, sports, business and more will be valuable to the board as our companies execute on their next chapters of growth and value creation.”
Carey’s tenure as F1 CEO was marked by significant milestones, including the successful renegotiation of the Concorde Agreement with teams, the introduction of a cost cap to ensure financial sustainability, and the overhaul of the F1 calendar with new, lucrative events like the Miami and Las Vegas Grands Prix.
His leadership also positioned the series to achieve substantial growth in its global audience, particularly in the United States.
In his comments following the announcement, Carey expressed enthusiasm about rejoining Liberty Media, particularly as the company consolidates its focus on premium sports investments.
“Liberty is at an exciting point in its storied evolution, with a more focused asset base centred around high-quality, premium sporting assets that I know well,” said Carey who is present in the paddock this weekend in Abu Dhabi.
“I look forward to contributing to Liberty as a director in partnership with John, Liberty management, and the portfolio company leadership teams.”
Carey’s return will see him serve on the Executive Committee of Liberty’s board, where he will contribute to strategic decision-making for Liberty’s portfolio of sports and entertainment properties.
While he will not be involved in the daily operations of Formula 1, his wealth of experience will make him a valuable advisor to the series’ current CEO, Stefano Domenicali, and Liberty Media’s broader expansion into global motorsport, particularly with MotoGP.
The appointment of Carey underscores Liberty Media’s commitment to its long-term investment in sports properties.
The company is preparing to merge its expertise in running Formula 1 with MotoGP, creating a diversified portfolio of elite motorsport assets.
As Liberty prepares for a leadership transition following Maffei’s departure and refines its focus through the Liberty Live Group spin-off, Carey’s deep understanding of sports media and entertainment is expected to play a vital role in steering the company’s growth strategy.
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