Liberty Media responds to rumors of selling Formula 1
This weekend, a rumor emerged in the press regarding the possible sale of Formula 1 by Liberty Media, which allegedly hasn't been able to profit from its acquisition. To which the American group quickly responded...
In an article published on the site JonhWallStreet.com, the media specialized in finance and sports stated that Liberty Media had decided to resell Formula 1 after purchasing it for over 8 billion dollars from Bernie Ecclestone in 2017.
Unable to achieve sufficient profitability or make Formula 1 a commercially attractive product, the American group has reportedly decided to separate from it: Less than three years after acquiring Formula 1, Liberty Global is said to be exploring scenarios that could reduce its stake in the sport or introduce new partners. Liberty Global has not succeeded in adding multiple races to the calendar (e.g., Miami), securing major sponsors, attracting younger fans (in reality, only 14% are under 25), or generating digital revenue (0.06% of total revenue in 2018), explains JohnWallStreet.com.
The possible purchase of Formula 1 by Bernie Ecclestone was also mentioned before the Liberty group clarified the situation with a terse statement: « Formula 1 is controlled by Liberty Media and not by Liberty Global… » thus pointing out allegations that should « not be taken seriously ».
The shadow of Bernie Ecclestone still looms over the Formula 1 paddocks since his departure, and it would not be surprising if this financial mogul, who knows the ins and outs of the discipline perfectly, pulled off another masterstroke. A few weeks before the start of the 2019 season, this new rumor could make headlines if it proves to be true.
