Former F1 CEO Carey appointed to Liberty Media board

Formula 1’s previous CEO Chase Carey has returned to owner Liberty Media as the company narrows its focus on its flagship asset.

Carey stepped down from the F1 CEO role ahead of the 2021 season, passing the baton to former Ferrari team boss Stefano Domenicali, and remained a chairman until 2022.

But Carey has now returned to the company, with Liberty Media announcing the 71-year-old will serve on the executive committee of its board.

The move comes as the American investment company is spinning off several of its wider entertainment assets to sharpen its focus on F1 and its latest acquisition MotoGP.

Motorsport.com understands Carey won’t be actively involved on a day-to-day basis in the running of the series, which remains Domenicali’s remit.

But from his board position – and with his in-depth experience of running F1 as Liberty Media took over in 2017 – Carey will be able to provide support where needed to Domenicali, who is the person he recruited as his replacement and with whom he maintained an excellent working relationship.

Carey is a respected figure in F1 circles, with the Irish-born American having been a key player behind the series’ pivotal cost cap that was implemented for 2021.

“Chase was instrumental in building a successful foundation at F1 from which the business has grown materially,” said Liberty chairman John Malone.

“Chase’s knowledge and expertise across media, entertainment, sports, business and more will be valuable to the board as our companies execute on their next chapters of growth and value creation.”

Carye added: “Liberty is at an exciting point in its storied evolution, with a more focused asset base centered around high-quality, premium sporting assets that I know well. I look forward to contributing to Liberty as a director in partnership with John, Liberty management and the portfolio company leadership teams.

Last month Liberty Media announced its CEO Greg Maffei would step down at the end of the year, opting not to renew his expiring contract after seeing his remit narrowed by the company spinning off most of its other entertainment acquisitions.