Liberty Media, a media company, acquired the commercial rights of Formula 1 (F1) from Bernie Ecclestone, the former head of F1 Management (FOM), in 2017. This acquisition was seen as a stroke of luck by the company’s President, Greg Maffei, as it allowed them to explore the untapped potential of modern technologies and social media, leading to significant growth.
Bernie Ecclestone, who served as head of F1 in the 1970s, controlled the broadcasting rights of the racing car series through his companies. However, his conservative approach hindered the growth of the sport, resulting in a decline in its value. As a result, Ecclestone had to sell F1 to Liberty Media for an impressive 4.4 billion dollars in 2017.
Greg Maffei emphasized the luck involved in acquiring F1 from Ecclestone. He explained that this acquisition allowed them to embrace social media and leverage technological advancements, ultimately leading to unprecedented growth and a substantial increase in the company’s investment.
Despite taking over the commercial rights of F1, conflicts between FOM and FIA (Fédération Internationale de l’Automobile) have escalated. To resolve these issues, both organizations have taken steps to establish a peaceful relationship and work together for mutual benefit and the overall growth of the series.
Greg Maffei highlighted the importance of a symbiotic relationship between FOM and FIA. He acknowledged recent disagreements but emphasized the need for collaboration to ensure the success of both organizations and the overall development of the series.
However, recent events have raised concerns about a possible dispute between the FOM and the FIA. F1 recently rejected an offer from [removed] to enter the sport, despite its acceptance by the FIA selection committee. These discrepancies between the two organizations suggest that there may be underlying conflicts behind the scenes.
