F1 News
Shocking return as former F1 chairman gets new job
- Corwin Kunst
An out-of-the-blue return to Formula 1: Chase Carey will return to work for F1 owners Liberty Media as a member of the executive committee. The American served as F1 CEO from 2017 to 2021, before current boss Stefano Domenicali assumed the role. Carey's new role will be a board position, in simple terms.
Carey will take a seat on the board of directors, but his work will be mainly in the background. After all, Domenicali still heads the sport, and the Italian is therefore responsible for the Concorde Agreement. In a nutshell, it aims to increase the commercial success of Formula 1. Domenicali will get help - and possibly advice - from his predecessor, as Carey will not be reassuming his role as CEO or chairman.
“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. He was instrumental in building a successful foundation at F1 from which the business has grown materially,” says chairman John Malone.
Malone continued: “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 'looking forward' to returning:
Carey himself is also excited about returning to the American company: “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. I look forward to contributing to Liberty as a director in partnership with John, Liberty management and the portfolio company leadership teams." He concluded
This article was written in collaboration with Toby Nixon
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