Outgoing Liberty Media CEO Greg Maffei has addressed $20 billion Formula 1 sale rumors.
Liberty Media CEO Greg Maffei, who will be stepping down from the role imminently, has quashed rumors about a potential $20 billion sale of Formula 1, which Liberty Media acquired in 2017 for $4.4 billion.Addressing the rumors that linked Saudi Arabia's Public Investment Fund to a possible purchase, Maffei firmly stated during an interview with CNBC:'Look, I don't think there's any plan to sell it.
'Maffei's upcoming departure from his executive role aligns with the expiration of his contract at the year's end. John Malone, Chairman of Liberty Media, will temporarily assume the CEO role. Despite stepping down, Maffei will remain connected to the company as a Senior Advisor. Commenting on his exit, Maffei explained:'Well, I think John phrased it well, that we really accomplished the mission. We bought a series of businesses, many of which performed very well.
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