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Formula One Group

The Formula One Group is a tracking stock series of Liberty Media Corporation (NASDAQ: FWONA, FWONK) that attributes the performance of the company's motorsports and entertainment assets, including its wholly owned subsidiary Formula One, majority-owned Dorna Sports (MotoGP™ rights holder, 84% stake), and more than 90%-owned QuintEvents, as well as select minority investments. This structure allows investors to track the financial outcomes of these businesses separately from Liberty Media's other holdings, such as SiriusXM. Headquartered in Englewood, Colorado, with key operations in London and Austin, the group oversees the global promotion, commercialization, and media rights management for premier motorsport series, generating revenue through broadcasting deals, sponsorships, ticket sales, and hospitality experiences. As of November 2025, it plays a central role in delivering high-profile events that attract millions of fans worldwide, emphasizing innovation, sustainability, and audience growth in the evolving landscape of live sports entertainment. The origins of the trace back to 's strategic expansion into sports media. In September 2016, Liberty Media announced its agreement to acquire the Formula One Group—then the commercial rights holder for the FIA —from for an enterprise value of $8.0 billion, with the deal closing on January 23, 2017, at an equity value of $4.4 billion. This acquisition prompted the renaming of Liberty Media's former Liberty Media Group tracking stock to the Formula One Group, marking a pivotal shift toward motorsports as a core business pillar under Chairman and then-CEO . The move brought , the world's most prestigious open-wheel racing series since its inception in 1950, under American ownership for the first time, enabling investments in digital streaming via F1 TV, race calendar expansions, and efforts to broaden global appeal. Since the 2017 acquisition, the Formula One Group has pursued aggressive growth through strategic purchases to consolidate its position in motorsports. In January 2024, it completed the acquisition of more than 90% of QuintEvents, a leading provider of premium sports hospitality and travel packages, for a valuation of $313 million, enhancing fan experiences at events like Formula 1 Grands Prix and the . This was followed by the 2024 agreement to acquire an 84% stake in , the commercial rights holder for MotoGP, for €4.2 billion (approximately $4.5 billion), with the transaction closing on July 3, 2025, after regulatory approvals including from the . These expansions have positioned the group as a dominant force in two-wheeled and four-wheeled racing, with MotoGP adding 22 annual events to complement Formula 1's 24-race calendar. Leadership includes as President and CEO of Formula 1, overseeing day-to-day operations, while Liberty Media's broader executive team drives long-term strategy focused on media innovation and sustainability initiatives like net-zero carbon goals by 2030.

Overview

Establishment and Purpose

The Formula One Group is a tracking stock of Corporation, designated as FWONA (Series A) and FWONK (Series C), established to isolate and track the financial performance of Liberty's assets separately from its other business segments, such as and . This structure was created in connection with Liberty Media's acquisition of in January 2017, allowing investors targeted exposure to the portfolio without diluting interests in Liberty's broader and holdings. The primary purpose of the Formula One Group is to manage the commercial exploitation of major series, including , event organization, and revenue streams from sponsorships and hosting fees. Through its subsidiaries, the group oversees the global commercialization of these assets, generating income primarily from distribution deals, partnerships, and trackside . This focus enables strategic growth in fan engagement and international expansion while maintaining operational independence within Liberty Media's corporate framework. Initially attributed to Formula One assets following the 2017 acquisition, the group now encompasses a broader portfolio, including the January 2024 acquisition of QuintEvents, a provider of premium sports hospitality, and the July 2025 completion of Liberty Media's acquisition of an 86% stake in , the commercial rights holder for MotoGP, Moto2, and Moto3 championships. A key element of its structure is the attribution of approximately 100% of Liberty Media's interest in Delta Topco Limited, the ultimate parent company of operations, ensuring consolidated control over core motorsport activities.

Ownership Structure

The assets attributed to the Formula One Group tracking stocks were acquired by Corporation in for an equity value of approximately $4.4 billion in cash and stock and operate as wholly-owned subsidiaries within Liberty's portfolio. The group itself is represented through non-voting tracking stocks traded on the under the tickers FWONA (Series A) and FWONK (Series C), which allow investors to gain economic exposure to Formula One's performance without direct voting rights in the underlying assets. This structure ensures that public trading is tied exclusively to Liberty Media's framework, with no independent public ownership of the Formula One Group outside of these tracking mechanisms. Liberty Media Corporation maintains centralized control over the Formula One Group through its corporate governance, primarily influenced by Chairman John C. Malone, who holds supervoting shares that provide him with approximately 49.5% of the voting power in the Formula One common stock as of late 2025. Malone's voting control, exercised via Series B shares with 10 votes each compared to one vote for Series A shares, enables effective oversight of strategic decisions, including those related to Formula One operations, despite his planned transition to Chairman Emeritus in early 2026. This dual-class share structure underscores Liberty Media's emphasis on founder-led governance, limiting broader shareholder influence on the Formula One Group's direction. In October 2025, Liberty Media announced a proposed split-off of its Liberty Live Group tracking stocks, which, if approved by shareholders at a special meeting and completed as anticipated on December 15, 2025, would separate live events assets like QuintEvents from the Formula One Group, leaving Liberty Media as the sole owner of Formula 1, MotoGP, and related investments to sharpen investor focus on motorsport performance. As of November 2025, no final action has been taken on this restructuring, which is designed to be tax-free for participating shareholders and maintain the integrity of the Formula One tracking stocks. Financially, 100% of the Formula One Group's results are fully consolidated into Liberty Media's quarterly and annual reports, reflecting its complete integration as a core operating segment. For the third quarter of 2025 ended September 30, attributed revenue from Formula 1 reached $869 million, marking a modest 1% increase year-over-year despite one fewer Grand Prix race, driven by growth in media rights and sponsorships.

History

Origins under Bernie Ecclestone

The (FOCA) was established in 1974 by a group of independent team owners, including , who had acquired the team earlier that decade, to collectively negotiate television and commercial rights with the Fédération Internationale du Sport Automobile (FISA), the motorsport governing body under the FIA. This formation addressed the teams' growing frustrations with uneven revenue distribution and lack of bargaining power against circuit promoters and broadcasters, marking the beginning of a more unified commercial approach to the sport. Ecclestone, recognizing the need for strong representation, collaborated closely with legal expert , appointing him as FOCA's advisor to bolster negotiations. In 1978, Ecclestone was appointed chief executive of FOCA, a role that solidified his influence over the teams' commercial interests and set the stage for intensified conflicts with FISA over control of broadcasting and sponsorship revenues. Under his leadership, FOCA challenged FISA's authority, leading to the FISA-FOCA war in the late 1970s and early 1980s, which included threats of boycotts and actions such as drivers boycotting mandatory briefings at the 1980 Belgian and Grands Prix due to disputes over fines and regulatory changes. This period highlighted the teams' push for greater financial autonomy, with Ecclestone advocating for centralized management of TV rights to maximize collective earnings. The conflict culminated in the 1981 , signed between FISA (led by ) and FOCA (led by Ecclestone, with Mosley as legal advisor), which established a framework for and governance to ensure the sport's stability. The agreement granted FOCA the primary rights to negotiate and sell global television and deals, with profits distributed such that teams received approximately 47%, FOCA took 30% to cover administration and promotion, and FISA received 23% for regulatory oversight. This structure not only ended the immediate threats to the championship but also institutionalized a balanced revenue model that encouraged team participation in all races and provided predictable income streams. By 1987, Ecclestone had founded Formula One Promotions and Administration (FOPA) as the dedicated commercial rights holder, evolving from FOCA's administrative arm to centralize broadcasting deals and event promotion under his direct control. FOPA, wholly owned by Ecclestone at the time, handled negotiations for international TV contracts, which grew exponentially as expanded globally, turning the sport into a lucrative property. Through the , Ecclestone retained a controlling stake in FOPA, estimated at over 80% following the consolidation of rights under the updated Agreements. In 1995, Formula One Management (FOM) was established as a key operating entity under this structure. To fund further expansion amid rising operational costs, Ecclestone initiated partial stake sales in the late 1990s. In 1999, Morgan Grenfell Private Equity, part of , acquired a 12.5% stake in the SLEC (which oversaw FOM) for approximately £234 million (about $375 million). This was followed in 2000 by a larger transaction where purchased a 37.5% stake for £625 million (around $950 million), with the remaining shares held by Ecclestone's family trust, Irrevocable Holdings. These deals valued the commercial enterprise at billions and provided capital for global marketing and infrastructure investments without diluting Ecclestone's operational dominance.

CVC Capital Partners Era

In late 2005, led a to acquire a majority stake in Formula One Holdings, completing the purchase of approximately 75% for around €2 billion in early 2006 through its vehicle Alpha Prema. retained a minority stake and continued as CEO, maintaining operational continuity during the transition. This , funded partly by debt from banks including the Royal Bank of Scotland, marked CVC's entry into following its prior ownership of MotoGP. Under CVC's ownership, the Formula One Group pursued aggressive commercialization, expanding the calendar from 16 to 22 races annually by adding events in emerging markets such as the in 2008, the first night race in the series. Growth strategies included securing lucrative digital and broadcast rights deals, such as the 2012 partnership with for exclusive UK coverage, alongside enhancements to sponsorship, hospitality, and fan engagement through acquisitions like the GP2 and GP3 series. These initiatives drove organic revenue growth of approximately 80% over the ownership period, with annual revenues rising from roughly $600 million at acquisition to about $1.6 billion by 2016, much of which was redistributed to teams via a prize fund that quadrupled to around $1 billion. The era faced significant hurdles, including the 2008 global financial crisis, which strained the initial $2.5 billion in acquisition debt and necessitated multiple refinancings, such as a 2011 repayment of a substantial portion of the $2.9 billion outstanding loans using operational cash flows. Additionally, ongoing antitrust scrutiny targeted Formula One's exclusive commercial rights, stemming from earlier investigations but persisting through probes into broadcasting agreements and market dominance during CVC's tenure. CVC's exit culminated in a September 2016 agreement to sell its full stake to for an enterprise value of $8 billion, with the deal closing in January 2017 after regulatory approvals. This transaction yielded CVC over $3 billion in net profit on its original investment, reflecting a return multiple exceeding 4x through dividends and the sale proceeds.

Liberty Media Acquisition and Developments

In January 2017, Liberty Media Corporation completed its acquisition of Formula One Group, purchasing the entire equity interest in Delta Topco, the parent company of Formula One, from previous owners including CVC Capital Partners. The deal valued the equity at $4.4 billion and the enterprise at $8.0 billion, structured as a combination of $1.1 billion in cash and 138 million newly issued shares of Liberty Media's Series C common stock. Following the transaction, Formula One was delisted from the London Stock Exchange, marking the end of its public trading status under prior ownership. Chase Carey was appointed as Chairman of the Formula One Group, while Ross Brawn took on the role of Formula One Managing Director of Motorsports to oversee operations. Under Liberty Media's stewardship, shifted toward enhanced fan engagement and sustainability initiatives. A pivotal development was the launch of the Netflix documentary series Drive to Survive in March 2019, which provided behind-the-scenes access to teams and drivers from the 2018 season, significantly boosting global viewership among younger audiences. This media-focused strategy complemented regulatory changes, including the 2021 , a five-year pact between , the FIA, and the teams that introduced a $145 million budget cap for the 2021 season to promote competitive balance and cost control, with commitments extending through 2025. In March 2025, all teams signed the new , extending commitments through 2030 and aligning with major regulatory changes for 2026. These efforts aimed to modernize the sport while addressing long-standing concerns over escalating team expenses. Liberty Media expanded its motorsport portfolio through strategic acquisitions, notably announcing in April 2024 an agreement to acquire 86% of , the commercial rights holder for MotoGP, for an enterprise value of €4.2 billion, with management retaining the remaining 14%. The transaction received approval in June 2025 and closed on July 3, 2025, integrating MotoGP under the Group and creating synergies in global two- and four-wheeled racing promotion. In 2025, achieved record attendance figures across its 24-race calendar, with eleven events selling out and six setting new highs, including 500,000 at the and 465,000 at the Australian Grand Prix. During its Q3 2025 earnings release on November 5, Liberty Media announced a proposed split-off of its Liberty Live Group, exploring structural separations to enhance shareholder value amid strong performance, including 9% year-to-date revenue growth.

Corporate Structure

Principal Subsidiaries

The Formula One Group's principal subsidiaries form the backbone of its motorsport operations, focusing on the promotion, , and management of major racing series under Corporation's ownership. These entities, primarily wholly-owned or majority-controlled, handle everything from event rights and broadcasting to licensing and , driving the group's core revenue streams through global partnerships, sponsorships, and fan engagement initiatives. Formula 1, the flagship , is operated through Delta Topco Limited, a wholly-owned indirect of that serves as the for the Group's motorsport assets, and Formula One Management Limited (FOM), a UK-based entity responsible for the promotion and commercialization of the FIA World Championship. FOM holds the exclusive commercial rights to the championship, organizing 24 Grands Prix in 2025 across 21 countries and five continents, including events in , China, and Qatar. Key revenue comes from lucrative media deals, such as the ongoing U.S. broadcast agreement with through 2025 and the long-term rights with , alongside sponsorships and trackside hospitality that contributed to projected annual revenues exceeding $2.5 billion for the F1 operations. MotoGP is managed through Dorna Sports S.L., a Spanish company in which Liberty Media acquired an 84% stake in a €4.2 billion transaction announced in 2024 and completed on July 3, 2025, integrating it as a key subsidiary within the Formula One Group. Dorna oversees the FIM MotoGP World Championship, a 22-round motorcycle racing series in 2025 spanning five continents with races in locations like Brno, Czech Republic, and Balaton Park, Hungary. The subsidiary generates approximately €500 million in annual revenue through global broadcasting agreements, sponsorships from brands like Red Bull and Monster Energy, and event promotion fees, with a targeted increase to €520 million in 2025 driven by the expanded calendar. Formula Motorsport Limited, a UK-registered company established in 2003, functions as a core operational subsidiary focused on feeder series to Formula 1, managing the FIA Formula 2 and Formula 3 Championships as integral parts of the group's talent development pathway. Integrated into Liberty Media's structure following the 2017 acquisition of Formula One, it handles licensing, event organization, and merchandising for these series, which feature young drivers competing on shared weekends with F1 Grands Prix to build global fan engagement and commercial synergies. Allsport Management S.A., a Switzerland-based subsidiary owned 100% by since the acquisition, specializes in hospitality and trackside advertising rights for non-F1 series such as Formula 2 and Formula 3, as well as broader events. Established in 1983 and fully integrated post-2017, it operates the Paddock Club hospitality program and similar premium experiences, generating revenue through exclusive corporate packages and advertising space that enhance the group's overall event monetization without overlapping core racing promotion.

Other Investments and Holdings

The Formula One Group's other investments and holdings encompass a range of supplementary assets that extend beyond its core operations, focusing on experiential , event production, and strategic properties to enhance fan engagement and revenue streams. A key wholly-owned in this portfolio is QuintEvents, LLC, acquired in January 2024 for approximately $313 million, which specializes in premium live event production and hospitality services. QuintEvents manages F1 fan zones, Paddock Club experiences at events, and similar offerings for MotoGP races, as well as partnerships with other sports like the NBA and WNBA, thereby integrating experiential elements into the group's ecosystem. In addition to QuintEvents, the group holds minority stakes in several entities that support diversification into entertainment and racing-related ventures. These include a 24% ownership in F1 Arcade, an experiential entertainment concept featuring Formula 1-licensed full-motion racing simulators and social venues for fans, which has expanded internationally with locations in the , , and beyond following funding rounds led by . The group also maintains a 30% stake in , an American team competing in the and WeatherTech SportsCar Championship, acquired in 2020 to foster cross-promotion between open-wheel racing series. Other minor holdings include less than 1% in a credit-focused , contributing to financial diversification without significant operational involvement. While specific valuations for these minority investments are not publicly detailed, they collectively represent peripheral assets valued in the low hundreds of millions as of mid-2025. Non-core holdings further include full ownership of the LV Diamond Property I, LLC, which encompasses 40 acres of land used for the paddock and infrastructure at the Las Vegas , supporting event logistics and potential future developments. The group also benefits from the F1 TV subscription service, launched in and managed through its Formula 1 , providing streaming of races and content, though operational details fall under principal subsidiaries. These assets enable synergies with core operations, such as bundling F1 TV access with QuintEvents hospitality packages. Strategically, these investments and holdings aim to diversify revenue beyond traditional race promotion into experiential events and , mitigating risks associated with seasonality. In the third quarter of 2025, corporate and other revenue—including contributions from QuintEvents and related holdings—accounted for approximately 6% of the Group's total $1.085 billion quarterly revenue, with nine-month figures suggesting a full-year contribution of 10-15% amid growing fan experiences demand. This approach has bolstered overall group resilience, with non-core elements enhancing attendee engagement at events like the Las Vegas Grand Prix.

Leadership

Key Executives at Liberty Media

John C. Malone has served as Chairman of Liberty Media Corporation since its inception in 1991, wielding significant influence through his control of approximately 49.5% of the voting power in the Formula One Group's common stock via super-voting stock structures as of August 2025. As the architect of Liberty's aggressive acquisition strategy, Malone played a pivotal role in the 2017 purchase of Formula One from CVC Capital Partners for $4.4 billion, which transformed the motorsport series into a key asset under the Formula One Group tracking stock. In October 2025, Malone announced his transition to Chairman Emeritus effective January 1, 2026, with Vice Chairman Robert "Dob" Bennett succeeding him, marking the end of an era in Liberty's oversight of its sports investments including Formula One. Greg B. Maffei held the positions of President and Chief Executive Officer of Liberty Media from 2005 until his departure at the end of 2024, during which he spearheaded major expansions in the sports sector. Maffei directly led the 2017 merger that brought Formula One under Liberty's control, integrating it as the cornerstone of the company's entertainment portfolio, and in April 2024, he oversaw the agreement to acquire an 86% stake in Dorna Sports—the commercial rights holder for MotoGP—for €4.2 billion, a deal completed in July 2025 after regulatory approvals. Under his tenure, Liberty's Formula One Group achieved notable financial milestones, including the Q3 2025 earnings report that showcased 9% year-to-date revenue growth and 15% growth in adjusted OIBDA for the group, driven by media rights and sponsorship increases despite one fewer race. Derek Chang assumed the role of President and in 2025, succeeding Maffei and joining the Executive Committee alongside Bennett and former CEO Chase Carey. With prior experience as CEO of NBA and a director at since 2021, Chang has focused on operational integration of recent acquisitions like Dorna, emphasizing global expansion of 's assets. In his early tenure, Chang has guided the Group through strategic initiatives, including preparations for the 2025 split-off of the Liberty Live Group to streamline the tracking stocks and enhance focus on core holdings like . Brian J. Wendling serves as Chief Accounting Officer and Principal Financial Officer, overseeing financial reporting and compliance for Liberty Media's complex tracking stock structure, including the (FWON) and its attribution of $680 million in adjusted OIBDA for 2025 year-to-date as of Q3. Wendling's responsibilities encompass quarterly disclosures that highlight the financial health of operations, such as the Q3 2025 results attributing $869 million in revenue to , up from the prior year. As of November 2025, no additional major executive shifts have occurred at the level, though the impending Chairman transition and Live Group split-off signal ongoing evolution in governance to support the Group's growth.

Management in Subsidiaries

The management of Formula One Group's key operating subsidiaries centers on experienced leaders who handle the operational and commercial aspects of motorsport events and rights. At Formula 1, the primary subsidiary responsible for the FIA Formula One World Championship, serves as President and Chief Executive Officer since January 2021, where he oversees race organization, team relations, and the expansion of the calendar to 24 events in 2025. Domenicali's leadership has emphasized global growth and fan engagement, building on his prior experience as Ferrari team principal and CEO. At QuintEvents, the wholly owned subsidiary providing premium sports hospitality and travel packages acquired in January 2024, Brian Ruede has served as CEO since December 2022, overseeing experiences for events like Formula 1 Grands Prix and the . In Dorna Sports, the subsidiary managing MotoGP commercial rights following Liberty Media's 86% acquisition completed on July 3, 2025, Carmelo Ezpeleta has been CEO since 1994, directing the series' broadcasting, event operations, and strategic development. Ezpeleta's tenure includes integrating MotoGP under Liberty's oversight while maintaining operational independence, with a focus on rider safety and technological advancements in the championship. Ross Brawn, who retired from his role as Formula 1's Managing Director of Motorsports in December 2022, left a lasting legacy in shaping the sport's technical regulations and sustainability initiatives during his time as from 2017. As of November 2025, there have been no significant changes in the C-suite leadership across these subsidiaries, ensuring continuity in day-to-day motorsport management under Liberty Media's parent guidance.

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