F1 branded 'a role model' for other sports to follow

Outgoing Liberty Media CEO Greg Maffei believes F1 has become a role model other sports now want to follow.

F1's rise over the past eight years since Liberty Media took over the reins from supremo Bernie Ecclestone has been startling.

In early 2023, when Saudi Arabia's PIF (Public Investment Fund) was rumoured to be interested in a takeover, the sport was valued at over $20 billion.

All 10 teams are also valued at around $1 billion, in stark contrast to a decade ago when the likes of HRT, Caterham/Lotus and Manor/Marussia all came and went in a matter of years.

Aided by the Netflix boom via the 'Drive to Survive' docu-series, Maffei has described F1 as "incredibly well positioned".

Speaking to CNBC's 'Squawk on the Street' programme, Maffei, who will leave his post at the end of the year, has hailed F1 as "the company I'm proudest to have been involved [with]".

He added: "Liberty bought it, helped change the strategy, brought in Chase Carey [as CEO], [who] did an amazing job. After Chase left, Stefano Domenicali has done well."

Maffei went on to offer figures that have grown across the board in terms of global partnerships, sponsorship and revenue streams.

"It [F1] has been a hallmark of what sports want to be, you know, growing fan interest through things like Drive to Survive, growing sponsorship, growing high-end experiences," he said. "Sort of a model everyone else is a little bit trying to follow. Everyone's done it super well."

As to the prospects of F1 being sold any time soon, Maffei said: "Look, I don't think there's any plan to sell it.

"It's got a great future, but, you know, I suspect the board of Liberty will be appropriate stewards of the shareholder capital."