Liberty Media, the parent company of Formula 1, has appointed media and sports executive Derek Chang as its new president and CEO. Chang takes over from Greg Maffei, who departed at the end of 2024. The move marks a significant shift in Liberty Media’s leadership strategy, particularly in how Formula 1 is managed at the highest level.
Chang’s Background and Role
With a career spanning roles at the NBA, DIRECTV, Scripps, and Charter, Chang is no stranger to overseeing major media and sports entities. His tenure as CEO of NBA China (2018–2020) further solidified his credentials in managing high-profile global sports properties. Since 2021, he has served as a director at Liberty Media, giving him insight into the company’s operations.
However, unlike his predecessor, Chang will not take an active role in Formula 1’s day-to-day management. Instead, he will focus on Liberty Media’s broader business interests, including optimizing its portfolio, advancing strategic initiatives, and overseeing its planned acquisition of MotoGP.
“Liberty has always been long-term minded in its investment mandate yet nimble to move quickly on new opportunities,” said Chang. “Both of these things will remain true in our strategy going forward.”
Impact on Formula 1 Leadership
With Chang stepping back from F1-specific responsibilities, the sport’s CEO, Stefano Domenicali, gains more autonomy in shaping F1’s direction. Domenicali will now report to a newly formed Liberty committee comprising Chang, Dob Bennett, and Chase Carey, who returned to Liberty’s executive board last December.
This shift centralizes Formula 1’s leadership under Domenicali, making him the primary point of contact for teams and stakeholders. Previously, Maffei had been a key figure in the paddock, often engaging directly with teams and influencing strategic decisions.
The change allows Domenicali to more directly steer the sport as it navigates critical milestones, including:
- Finalizing the new Concorde Agreement for 2026.
- Managing the transition to the next-generation F1 regulations, featuring new power unit and aerodynamic designs.
- Overseeing expansion initiatives, including the integration of Andretti Cadillac as a new team.
Challenges Ahead
One immediate challenge for Chang will be addressing antitrust concerns over Liberty Media’s acquisition of MotoGP. The European Commission has opened a Phase II antitrust probe into the deal, with deliberations expected to last several months.
For Formula 1, the 2025 season represents the final year under the current ruleset, a critical moment to finalize long-term agreements with teams and the FIA. Domenicali, whose contract as F1 CEO expires at the end of 2025, will need to decide on his future amidst speculation of renewal.
Industry Implications
Liberty Media’s restructured leadership could alter the dynamics of Formula 1 governance. By consolidating control under Domenicali, the sport gains a more streamlined decision-making process. However, the absence of Maffei’s direct involvement may lead teams to focus their lobbying efforts solely on Domenicali, increasing pressure on his leadership.
As Liberty Media continues to evolve its strategy, its moves will be closely watched, particularly in the context of its broader ambitions in motorsport, such as MotoGP and its growing U.S. fanbase. Chang’s appointment signals a renewed focus on long-term growth and innovation across all Liberty Media properties, with Formula 1 remaining a crown jewel of its portfolio.
