Liberty chief fails to rule out F1 sale

Liberty Media chairman John Malone has refused to rule out a possible sale of F1.

The US-based company acquired Formula 1 from long-time supremo Bernie Ecclestone almost eight years ago, in early 2017, transforming the business into a multi-billion-dollar platform.

A potential sale was mooted to Saudi Arabia's PIF (Public Investment Fund) in January last year. A valuation of $20 billion was aired, since when F1 has continued to grow in worth.

Malone, who is to also take over as Liberty Media's acting CEO when Greg Maffei steps down at the end of the year, currently has a controlling 49% stake.

As to whether there is any possibility he would entertain offers for Formula 1 at the right price, speaking to CNBC's 'Squawk on the Street' programme, he replied: "I have kind of concluded after all these years that I want to use my control to maximise the value for my shareholders.

"I have not taken or sought a control premium on any transaction in the last 20 years. So I'm willing to trade out my control position if it's in the long-term interest of my shareholders."

Highlighting that to be the case with another asset of the company, and suggesting it could also happen with the Atlanta Braves Major League Baseball club, Malone stated that such deals are for "whatever is best for the organisation and the shareholders, taking a long-term view.

"So I used to say the door is always open."

Malone, however, appears he is now willing to bide his time. He added: "But I believe Formula 1 has a very bright future as is. And the management team has done a brilliant job.

"It has a very powerful brand now that can be expanded on, and there are many opportunities to expand in the racing business synergistically.

"So I think I'm certainly going to watch it for a few years before any decision that it would be better off combined with something else."