F1 could look like an impartial sport ruled solely by the FIA and by its CEO, Stefano Domenicali. Nonetheless, the complete Components One Group is owned by an enormous American mass media firm referred to as Liberty Media. They’ve been the homeowners of the game for six years now. Together with the Components One Group, Liberty Media Company additionally owns the Braves Group and SiriusXM Group.
In late 2016, Liberty Media agreed to purchase the Components One Group for round $4.4 billion. The deal was finalized and accomplished in January 2017 for round $4.6 billion after Delta Topco transferred 100% of its shares to Liberty Media. After buying F1, Liberty Media appointed Chase Carey as CEO, however he was rapidly changed by former Ferrari staff boss Stefano Domenicali in 2020. Carey nonetheless works within the sport as a non-executive chairman.
The change in possession introduced huge modifications to F1. As an example, the corporate determined to utterly change the look of the game by rebranding the brand, font, TV graphics, audio stings, and many others. This was one of many many steps they took to make the game extra trendy.
In addition they elevated the game’s attain by working more durable on numerous social media platforms and video streaming platforms. They launched F1 TV, which allowed followers to stream dwell races on any machine they needed. One of many greatest offers Liberty Media made was with Netflix, which gave beginning to Netflix’s authentic internet collection Drive to Survive. The fanbase expanded drastically with the assistance of the net collection as extra individuals began taking an curiosity within the thrilling sport.
Ross Brawn on F1’s rise in recognition underneath Liberty Media
Ross Brawn, former managing director of F1’s sporting facet, praised Liberty Media for the game’s booming recognition. Ever because the firm purchased Components One Group in 2017, the game’s fanbase has drastically elevated, and racing has improved as properly.
Chatting with Motorsport, Ross Brawn defined how Liberty Media focuses on enhancing the game as a complete slightly than chasing revenue margins. He mentioned:
“I believe Liberty have completed a fantastic job. I’d say this, however they employed me! And whereas I say that, they recognised that they needed to enhance the game.”
Brawn additional defined:
“They didn’t simply are available and say ‘how can we enhance the margins?’ Their mindset was: ‘There’s this nice sport, how can we take the game forwards? As a result of the rewards will come after we take the game ahead, not by squeezing extra juice out of the lemon.’ And Greg [Maffei] and Chase [Carey] had that imaginative and prescient. And, fortunately, I had the chance to be concerned.”
He additionally talked about how he feels lucky to be concerned within the technique of enhancing F1 to the place it at the moment is. Quickly after Liberty Media purchased the Components One Group, Brawn was appointed because the managing director, in addition to motor sports activities and technical director.