Liberty bosses refuse to rule out billion-dollar F1 sale

John Malone, chairman of Liberty Media, is no longer ruling out a sale of Formula 1. For the first time, he has outlined the conditions under which Liberty would consider making such a move. 

“It’s a public company,” he said. “If somebody gets carried away and they want to buy it and they’re willing to pay more for it than the board thinks that they can deliver to the shareholders, then we would sell it.” 

Liberty Media officially entered Formula 1 in 2017, acquiring the series from CVC Capital Partners for $8billion. In 2023, rumours circulated about a takeover bid from Saudi Arabia’s Public Investment Fund (PIF), reportedly worth $20billion, though no official confirmation was ever given. 

Since taking over, Liberty has not only driven F1’s global expansion but also taken the championship public. The NASDAQ-listed FWONK stock has multiplied in value, rising from about $30 per share in 2017 to roughly $100 today. 

“I think the shareholders seem to love it right at the moment,” Malone emphasised on the Opening Bid Unfiltered podcast. 

“It’s really performing well. It has exceptionally good economic structure. It will be a very large free cashflow generator, which underwrites its high valuation. And there, perhaps, will be incremental synergistic add-ons. It still has a big brand to drive.” 

Until December 2024, Liberty Media was led by Greg Maffei as CEO. When Maffei stepped down, Malone temporarily assumed the role himself, bringing back familiar faces like Chase Carey, former F1 CEO, to the board. In February, Malone appointed Derek Chang as Liberty’s new CEO and, for now, things are going great.  

“With the original Liberty Media, I had my dream team,” Malone stressed. “And now, I think with Chase Carey on board, Bob Bennett back from the original dream team and Derek playing the CEO role, I think this is a terrific executive team. And I just really enjoy watching them do their stuff.”  

Under Stefano Domenicali’s leadership, F1 has recently secured a string of commercial successes. Long-term contract extensions were announced for several circuits, including Miami and Spielberg, which are both locked in until 2041. Major partnerships were also signed with global brands such as Aramco, AWS (Amazon), PepsiCo, MSC Cruises, and Crypto.com. 

The next big frontier could be global streaming rights. In the US, the contract with broadcaster ESPN is set to expire at the end of 2025 and, according to media reports, Apple is considering making the move into F1 broadcasting. 

Such a deal would build on an existing relationship: Formula 1 and Apple already worked closely on the Hollywood blockbuster F1: The Movie starring Brad Pitt. The film, regarded as Apple’s first major box-office success, could be the prelude to a broader collaboration between the pair. 

A lifelong media mogul, Malone is convinced the television landscape will undergo radical change in the years ahead. Without explicitly tying this to F1, he noted: “I think social networking eventually also becomes streaming entertainment. 

The Austrian Grand Prix had its contract extended

Photo by: Zak Mauger / LAT Images via Getty Images

“I think you’re seeing the beginnings of that with Google’s YouTube, where effectively they have the combination of subscription entertainment – they’ve been experimenting with driving penetration with sports, [like] out of market NFL – but they have a massive user base of user generated [content].  

“That constitutes a massive funnel for them to drive whatever they want to drive. And of course, advertising has become a very big game for the big tech guys.” 

Liberty Media has already moved away from the old Bernie Ecclestone-era model of relying on traditional TV. The Netflix documentary series Drive to Survive, launched in 2019, has been a runaway success – not only in Europe, but also globally, and particularly in the US. 

Most recently, Liberty Media completed its acquisition of MotoGP, meaning the company now controls the commercial rights to the premier class of both four- and two-wheeled motorsport. If a tech giant like Apple or Google were to acquire F1’s streaming rights, MotoGP could theoretically become part of a bundled super package for motorsport fans. 

Commercially, Formula 1 has never been healthier. In the first half of 2025, the Formula One Group reported $1.6billion in revenue and $442million in OIBDA – up from $367million in the same period of 2024. 

The real question remains: who could actually afford to buy Formula 1 from Liberty Media, particularly considering the fact that Liberty is in no need to sell its current cashcow?  

Speculation continues, with Saudi Arabia’s PIF frequently named as a likely contender, given the kingdom’s already massive investments in football, golf, and tennis.