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Formula 1 Taps Brakes On Selling, For Now

  • Liberty Media CEO Greg Maffei said the company wouldn't sell Formula 1 in the short term.
  • Saudi Arabia reportedly explored a purchase at a $20 billion valuation.
Liberty-Media
Jerome Miron-USA TODAY Sports

Liberty Media has no intention of selling Formula 1 — at least not at today’s prices.

“Given the situation in the stock market, the likelihood that in the short term we decide to sell is extremely unlikely,” Liberty CEO Greg Maffei told investors. “It would only have a negative impact on us and not benefit our shareholders.”

In January, reports surfaced that Saudi Arabia’s Public Investment Fund — which has $620 billion in assets under management as of Q1 2022 — sought to buy F1 at a $20 billion valuation.

“It’s funny, because I came across comments that we even discussed the price, but in reality these meetings never happened,” said Maffei. 

F1’s stock has risen around 22.7% since the start of the year.

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No Cannibalization Concerns

F1 CEO Stefano Domenicali brushed off concerns that the three U.S. races in Austin, Miami, and Las Vegas could fight for the same audience.

“It is pretty clear that every race, not only in America, has a different personality, a different cultural approach, a different quality, a different segmentation of fans,” Domenicali told reporters. “I don’t see any kind of cannibalization.”

The comments come amid speculation that F1 could add a fourth U.S. race in the coming years, perhaps in New York City.

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