Domenicali to remain F1 CEO through 2029
LONDON, March 12 (Reuters) - Stefano Domenicali will remain at the helm of Formula One until at least the end of 2029 after being handed a five-year contract extension by the sport's commercial rights holders Liberty Media.
The announcement was made by Formula One on Wednesday ahead of the season-opening Australian Grand Prix in Melbourne this weekend.
The 59-year-old Italian, a former Ferrari team principal and Lamborghini CEO, has been chief executive since he took over from American Chase Carey in 2021.
Formula One said it had seen "incredible growth and increased interest and demand for its races around the world."
"Stefano has been an excellent steward of the business, building on its successful foundation and accelerating Formula One's rate of growth both commercially and in fan engagement," said Liberty Media CEO Derek Chang.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Rhyl Journal
4 hours ago
- Rhyl Journal
New Rangers chairman Andrew Cavenagh ‘relishing challenge' of overhauling Celtic
Gers have won only one top-flight title and three major honours in total since their financial implosion in 2012, with their city rivals dominating the trophy count in that period. However, Cavenagh, fronting an American consortium that took control of the Ibrox club earlier this month, is confident they can bridge the gap in Glasgow and, over time, assert the Light Blues as Scotland's leading force. 'We relish that challenge,' said Cavenagh, facing the media at Ibrox on Monday just hours after an EGM in the city in which their immediate plans were given the all-clear by shareholders. 'We are impatient, we are competitive and so we look forward to the challenge.' At today's General Meeting held today at the DoubleTree Hilton in Glasgow, shareholders voted in favour of all proposed resolutions, to support the club's future growth and investment plans. — Rangers Football Club (@RangersFC) June 23, 2025 Pressed further on the scale of the task Rangers face as they bid to usurp a Celtic side thriving under Brendan Rodgers, Cavenagh said: 'We think it is achievable or we wouldn't be here. We don't think it will be easy. 'It is not going to happen instantaneously but we will strive to improve the on-field performance and we will continue to build the infrastructure of the club. If we didn't think we could win we wouldn't be here. We are here because we think we can. 'There is real work to be done, I think everyone is aware of that. Paraag (Marathe, vice-chairman) and I are two of the least patient people you will meet and we are also incredibly competitive so we share our supporters' sense of urgency. We are in with both feet today and we will move this forward as fast as we can.' Cavenagh – sure-footed and measured throughout his first briefing with Scottish journalists – outlined his aim of establishing Rangers as Champions League regulars. 'Champions League is the goal we are trying to get to every year,' he said. 'It is important because it brings more revenue. It will always be our benchmark. 'It is not as if we are banking on that and if it doesn't happen then there is some sort of a problem. That is not the case at all. But it is our goal. 'As we increase revenue, which comes from the Champions League, then we get to re-invest that in the club. That is why it is the goal from both a sporting perspective and the revenue model perspective.' While the new owners are intent on ensuring financial sustainability, they were given the green light on Monday to get the ball rolling on their revival of the club with a £20million investment. '£20m is the amount of primary capital that we are putting in,' said Cavenagh. 'We have been careful to not say we won't put more in and to not say we will put more in. 'When we think about the amount of capital that is needed, we look at it through three lenses. The first is what impact will it have and we think £20m into the club – and again, we're not being specific about where the £20m is going – we think £20m is the right amount this summer. 'And the other two lenses that we look though are FSR (UEFA's Financial Sustainability Regulations) and making sure we are running the club in a sustainable way. 'We are not looking for what I think of as the sugar high – come in spend some money, sign some players and try to win something and then you have the sugar crash that comes from that.' One of the new owners' first big calls was to appoint Russell Martin as head coach earlier this month. 'There were four criteria that we looked at for head coach,' said Cavenagh. 'One, somebody that would coach what we think is the right style of play or game model. Two, someone who would build the culture and the way we think it needs to be built. 'Three, someone who will develop talent. And four, someone who will win matches. Russell was the standout across all of those metrics, unanimously among our team.'
Rhyl Journal
4 hours ago
- Rhyl Journal
Palace's Euro hopes boosted as John Textor sells stake to New York Jets owner
Textor's shares in Palace threatened to be an obstacle to their participation in the Europa League next season because the American is also a shareholder in French side Lyon, who are set to enter the same competition. Under UEFA multi-club ownership rules, it looked as though Palace would miss out. We can confirm that Robert Wood Johnson 'Woody' has signed a legally binding contract to purchase Eagle Football's holding in the club. Full club statement ⤵️#CPFC — Crystal Palace F.C. (@CPFC) June 23, 2025 However, Palace announced on Monday that Textor's 45 per cent stake in the London club has been sold to Johnson, subject to Premier League and Women's Super League approval. A club statement read: 'Crystal Palace Football Club can confirm that Robert Wood Johnson, 'Woody', an American businessman and co-owner of the New York Jets, has signed a legally binding contract to purchase Eagle Football's holding in the club. 'Whilst the completion is pending approval from the Premier League and Women's Super League, we do not envisage any issues and look forward to welcoming Woody as a partner and director of the club. 'We would like to go on record to thank John Textor for his contribution over the past four years and wish him every success for the future.' Reports have placed the price between £160m and £190m. The sale may now free Palace up to play in the Europa League, for which the Eagles qualified thanks to their FA Cup final victory over Manchester City last month. Textor, who through his Eagle Football Holdings group also owns a significant stake in Brazilian side Botafogo, initially invested in Palace in 2021. The PA news agency understands a decision regarding Palace's participation is expected from UEFA before the end of June.
Rhyl Journal
4 hours ago
- Rhyl Journal
Crystal Palace's Europa League prospects improve after John Textor sells stake
Textor's shares in Palace threatened to be an obstacle to their participation in the Europa League next season because the American is also a shareholder in French side Lyon, who are set to enter the same competition. Under UEFA multi-club ownership rules, it looked as though Palace would miss out. However, the PA news agency understands from sources close to Palace that Textor's 45 per cent stake in the London club has now been sold to New York Jets owner Woody Johnson. Reports have placed the price between £160m and £190m. The sale is subject to Premier League approval, but may now free Palace up to play in the Europa League. The Eagles qualified thanks to their FA Cup final victory over Manchester City last month. Textor, who through his Eagle Football Holdings group also owns a significant stake in Brazilian side Botafogo, initially invested in Palace in 2021. Palace declined to comment. Eagle Football Holdings and UEFA have both been approached for comment. PA understands a decision regarding Palace's participation is expected from UEFA before the end of June.
