Latest news with #ChaseCarey
Al Arabiya
10 hours ago
- Automotive
- Al Arabiya
F1 owner Liberty Media finally set to seal deal to take control of MotoGP after European approval
Formula 1 owner Liberty Media is finally set to complete a deal to take control of motorcycle racing series MotoGP after receiving approval from the European Commission. Liberty Media said Monday the unconditional approval was the last step in completing the deal to buy 84 percent of Spain-based MotoGP rights holder Dorna Sports. 'MotoGP is a highly attractive premium sports asset with incredible racing, a passionate fanbase and a strong cash flow profile,' Liberty Media president and CEO Greg Maffei said in a statement. 'We believe the sport and brand have significant growth potential, which we will look to realize through deepening the connection with the core fan base and expanding to a wider global audience.' Liberty said the deal, which was first announced in April 2024, could go through by July 3. The process was held up in December when the European Commission opened what it called an 'in-depth investigation' into whether the agreement would hike the cost of broadcast rights for motorsports events. Dorna chief executive Carmelo Ezpeleta remains in charge of MotoGP, but Liberty said he will be joined on the Dorna board by Chase Carey and Sean Bratches, two veterans of Liberty's takeover of F1 in 2017. They were part of its efforts to grow and modernize F1 as a business, especially in the US.
Associated Press
10 hours ago
- Automotive
- Associated Press
F1 owner Liberty Media finally set to seal deal to take control of MotoGP after European approval
MADRID (AP) — Formula 1 owner Liberty Media is finally set to complete a deal to take control of motorcycle racing series MotoGP after receiving approval from the European Commission. Liberty Media said Monday the 'unconditional' approval was the last step in completing the deal to buy 84% of Spain-based MotoGP rights holder Dorna Sports. 'MotoGP is a highly attractive premium sports asset with incredible racing, a passionate fanbase and a strong cash flow profile,' Liberty Media president and CEO Derek Chang said in a statement. 'We believe the sport and brand have significant growth potential, which we will look to realize through deepening the connection with the core fan base and expanding to a wider global audience.' Liberty said the deal, which was first announced in April 2024, could go through by July 3. The process was held up in December when the European Commission opened what it called an 'in-depth investigation' into whether the agreement would hike the cost of broadcast rights for motorsports events. Dorna chief executive Carmelo Ezpeleta remains in charge of MotoGP but Liberty said he will be joined on the Dorna board by Chase Carey and Sean Bratches, two veterans of Liberty's takeover of F1 in 2017. They were part of its efforts to grow and modernize F1 as a business, especially in the United States. ___ AP auto racing:
Daily Mirror
01-05-2025
- Automotive
- Daily Mirror
Inside the £450m abandoned mega-project in one of Asia's prettiest cities
The Hanoi street circuit was due to host the Vietnam Grand Prix on April 5th 2020, but the event was cancelled due to the coronavirus pandemic and has not been rescheduled since The Formula 1 calendar has seen its fair share of street races over the years. From the glitz and glamour of Monaco to the neon lights of Las Vegas, and from the thrill of Pescara to the bustling streets of Baku, F1 has always found a way to bring the sport closer to the public. However, not all circuits have been equally successful. Some, like the lengthy 15.8-mile Pescara, were one-hit wonders before being axed from the calendar, while others, like Monaco, have remained firm favourites since the series' inception in 1950. Vietnam 's Hanoi street circuit was hoped to follow in the footsteps of the latter, but it didn't even manage to emulate the former. Constructed at a staggering cost of £450m ($600m), the race never saw the light of day. Its downfall was due to two main factors. Firstly, there were allegations of unrelated corruption charges against one of the event's key stakeholders Đức Chung, and secondly, the Covid-19 pandemic. The race had been scheduled for April 5th, 2020, but lockdowns and global travel restrictions put an end to that. Today, where once roaring Formula 1 cars were meant to be, nature is reclaiming its space. The circuit's outline remains, along with the pit buildings and grid markings. Pictures reveal local traffic, pedestrians, and cyclists navigating turn one, where it was once hoped Formula 1 cars would be racing. The Formula 1 fans' dream of a Grand Prix held on the Hanoi street circuit fizzled out despite hopes for a triumphant return after the unfortunate no-show in 2020. However, hopes for a return in 2021 were dashed because of Vietnam's focus on their Covid and typhoon recovery efforts called, reports the BBC. Former F1 chief Chase Carey stood firm at the time. He said: "We are planning for 2021 events with fans that provide an experience close to normal and expect our agreements to be honoured. "We have proven that we can safely travel and operate our races and our promoters increasingly recognise the need to move forward and manage the virus." Now, five years after the Hanoi circuit was dropped from the F1 schedule, it takes its place among the 'What ifs' of the motor-racing world, alongside other meticulously laid-out yet unused tracks across the globe. In addition, London too has seen its share of racing dreams dashed as Motor Sport reports that just this year, the city sketched up plans for a potential Docklands-based East London Grand Prix, complete with floating grandstands and a £250m facelift to the area, which, as of now, remains a vision not turned to reality. In a bombshell statement, Max Farrell, CEO of the LDN Collective project design consultancy, dropped a major hint about Formula 1's interests: "We know that Formula 1 are interested in hosting a grand prix here and we have designed a track that meets all of their requirements and regulations." He further sparked excitement by adding, "By extending the promenade we are creating a flexible eventscape and by creating floating commercial uses we are making the proposal financially viable and deliverable, without the taxpayer footing the bill."
Reuters
12-03-2025
- Automotive
- Reuters
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.
New York Times
12-03-2025
- Automotive
- New York Times
F1 president Stefano Domenicali extends contract through to 2029 season
Stefano Domenicali has extended his contract as president and CEO of Formula One. The 59-year-old, who began in the role in 2021, will remain at the helm until the end of 2029. 'I am honoured to continue to lead this incredible sport, which I love and has been part of my life since my childhood and grateful to the Liberty Media team for their trust,' Domenicali said. Advertisement 'Together, with all the relevant F1 stakeholders, we will continue to serve the best interest of our fans, as they are the heartbeat of everything we do. The passion, the energy and the adrenaline are the fuel that powers me every day to give my absolute best to Formula One.' Domenicali began his career in motorsport with Ferrari in 1991, holding various positions and becoming team principal in 2008. He led Ferrari to their most recent constructors' championship that year, though Felipe Massa was pipped to the drivers' title by Lewis Hamilton, then of McLaren. The Italian represented Ferrari on the FIA World Motor Sport Council from 2009 until 2014, when he resigned as team principal, ending his 23-year association with the Italian constructor. In total, he won 14 titles during his time with Ferrari. Domenicali was hired as vice president of New Business Initiatives at Audi in November 2014 before joining Lamborghini as CEO in 2016. He took charge of F1 in 2021, replacing Chase Carey. Since taking charge of F1 in 2021, Domenicali has been able to put his decades of experience in the sport to good use. While his predecessor, Chase Carey, laid good foundations in the first few years of Liberty's ownership, to have a true 'F1 man' at the helm in Domenicali has only been good for the sport. F1's positive growth has only continued in recent years under Domenicali, whose tenure has included the addition of new races in Miami and Las Vegas as part of the push to expand in the Untied States. Teams have also seen their prize fund payouts rise in the time as the sport's revenues continued to go up and up. It makes the decision by Liberty to extend Domenicali's contract a no-brainer, ensuring stability ahead of what will be an important year. Amid the celebrations for F1's 75th anniversary, stakeholders are also discussing a fresh set of commercial agreements between F1, the FIA and all 10 teams, which also include terms surrounding how F1 is governed. While new car design and power unit rules are set for introduction in 2026, Domenicali's new contract also ensures he will be at the table to lay out what the next era of F1 may look like entering the 2030s. ()
