Formula 1 has announced that its President and CEO, Stefano Domenicali, has signed a new five-year deal with Liberty Media, securing his leadership of the sport until 2029.
Since taking charge on 1 January 2021, Domenicali has been instrumental in expanding Formula 1’s global reach and commercial success, helping to elevate its popularity worldwide.
Continued growth and innovation
Under Domenicali’s leadership, Formula 1 has experienced remarkable growth. The increasing demand for races, record-breaking fan engagement, and strong commercial performance across sponsorship, media rights, and race promotion speak for themselves.
Liberty Media backs Domenicali’s vision
Derek Chang, President and CEO of Liberty Media, reaffirmed his confidence in Domenicali’s leadership, stating:
“We are thrilled to renew Stefano and look forward to his leadership alongside the talented management of Formula 1 for the years ahead. Stefano has been an excellent steward of the business, building on its successful foundation and accelerating Formula 1’s rate of growth both commercially and in fan engagement.
“His energy and enthusiasm for the sport translate into highly effective strategy and results. On behalf of Liberty, we are thankful for his partnership and incredibly optimistic about the continued success the F1 team can drive for the sport, our fans, partners and shareholders.”
Domenicali commits to the sport
Expressing his gratitude and enthusiasm for the future, Domenicali said:
“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.
“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 1.”
A career built in Motorsport
Domenicali began his career at Ferrari in 1991, working his way up to become Team Principal in 2008. After leaving the team in 2014, he joined Audi AG as Vice President of New Business Initiatives. After this role, he took on the role of Chairman and CEO of Automobili Lamborghini in 2016.
At Lamborghini, he successfully expanded the brand’s global footprint and delivered strong financial results. Now, with his extended tenure at Formula 1, Domenicali’s leadership will be key in shaping the sport’s future as it continues to evolve and grow on the world stage.
Since stepping into the role of F1 CEO, Domenicali has overseen transformative changes in the sport. This includes the introduction of sprint races, new regulations aimed at improving competition, and a strengthened focus on sustainability and diversity initiatives. His ability to balance commercial success with the sport’s long-term vision has been evident. The sport sees record-breaking viewership numbers and the expansion of the F1 calendar into new markets.
Feature Image Credit: F1.com
