05 May 2023
The Formula One Group comprises companies that assume responsibility for promoting the FIA Formula One World Championship and implementing the sport’s commercial rights.
Liberty Media purchased the Group in January 2017.
Before that, it was owned by a Jersey-based company, Delta Topco, which in turn was owned by CVC Capital Partners (35.5%), Waddell & Reed, LBI Group, and Bernie Ecclestone (who spent 40 years as CEO) and various investment companies.
The Group is now run by Stefano Domenicali as president and CEO, with Carey Chase as non-executive chairman.
Formula 1 held its first race in Turin in 1946 and has now become the most famous sport in the world.
Its appeal has increased significantly due to Netflix’s Drive to Survive.
The most significant factor is popularity in the US, with three F1 race dates including a new track, the Las Vegas Strip, Miami and Austin, Texas.
It now has an audience of 1.55 billion, partly due to the younger viewing spectators and the use of social media.
In 2021, the total revenue of Formula One Group amounted to around US$2.14 billion, representing an increase of over 86 per cent on the previous year.
Formula One revenue for the year ending 2022 increased by 20 per cent to US$2.6 billion compared to the previous year.