Formula One's new chairman Chase Carey hopes that Liberty Media's $8 billion purchase of the racing series will help in growth and development of the sport, and in turn will benefit both teams and fans.
Carey was speaking after the announcement of Liberty Media's purchase of Formula One from Delta Topco, the parent company of Formula One. Carey said that he has plans to take the sport to whole a new level.
Carey will take charge as Chairman of Formula One group, working alongside CEO Bernie Ecclestone. Liberty Media is owned by an entrepreneur John Malone, which has a vast experience in mass media. Carey believes that, Formula One will be a low risk business model for Liberty Media.
Formula One has a revenue of $9.3 billion from its contracted revenue under long-term contracts which extends to 2026. Liberty Media was attracted to Formula One because of its diverse revenue drivers and low risk business model.