tag:theconversation.com,2011:/us/topics/liberty-media-36994/articlesLiberty Media – The Conversation2021-12-22T14:27:57Ztag:theconversation.com,2011:article/1736052021-12-22T14:27:57Z2021-12-22T14:27:57ZF1: is the race now on for a new owner?<p>The Formula One duel between Lewis Hamilton and Max Verstappen <a href="https://www.bbc.co.uk/sport/formula1/59628024">was resolved</a> in sensational – and <a href="https://www.bbc.co.uk/news/av/world-59645658">controversial</a> – style on the final lap of the last race of 2021. The Dutch driver snatched victory and the world title from his British rival at the end of what was widely considered <a href="https://timesofindia.indiatimes.com/sports/racing/top-stories/thrilling-2021-season-among-best-in-formula-one-history/articleshow/88234313.cms">one of the best</a> seasons in the sport’s history. </p>
<p>It seems clear from the close finish that Formula One is in rude health on the track. It is also attracting large viewing figures – which could in turn attract fresh financial interest in owning the sport. </p>
<p>Currently at the wheel is the US media giant Liberty Media, which also has interests in baseball, broadcasting, film production and sport management. It <a href="https://www.formula1.com/en/latest/article.liberty-completes-f1-acquisition.3zzGTfOwC4OkEc8EAKMKKw.html">bought Formula One</a> for US$4.6 billion (£3.4 billion) in 2017 from the previous owners, CVC Capital Partners.</p>
<p>But just two years later, in 2019, there <a href="https://www.pitpass.com/71095/Las-Vegas-F1-return-a-step-closer">were rumours</a> that Liberty was already <a href="https://www.grandprix.com/news/red-bull-denies-wanting-to-buy-f1.html">considering selling</a> up. The rumours, denied by Liberty, came amid concerns about falling fan numbers and the challenge of increasing the appeal of Formula One to a younger audience. </p>
<p>But things have changed – very fast.</p>
<p>After a <a href="https://www.formula1.com/en/latest/article.formula-1-announces-tv-and-digital-audience-figures-for-2020.3sbRmZm4u5Jf8pagvPoPUQ.html">recent decline</a> in TV audience figures (they dropped from 1.9 billion to 1.5 billion from 2019 to 2020), Formula One’s profile has been significantly enhanced. </p>
<p>During the 2021 season, the global TV audience for the first nine races <a href="https://frontofficesports.com/formula-1-viewership-surges-in-2021-season/">increased by 36%</a> compared to 2019. And in 2020 there was a <a href="https://frontofficesports.com/formula-1-viewership-surges-in-2021-season/">99% increase</a> in social media engagements recorded across Twitter, Facebook, Instagram, and YouTube – the largest increase for any professional sport, and a clear indication that younger fans were showing interest.</p>
<p>This marked increase in popularity – especially <a href="https://www.autosport.com/f1/news/ricciardo-drive-to-survive-helped-put-f1-on-the-map-in-the-us-4984263/4984263/">in the US</a> – is likely to be at least in part down to the success of the Netflix documentary series <a href="https://www.netflix.com/gb/title/80204890">Drive to Survive</a>, which has become one of the streaming giant’s most-watched shows. </p>
<p>Netflix CEO Reed Hastings also counts himself a fan of Formula One, suggesting that if Liberty were considering selling, he would be willing to make an offer. He explained in an <a href="https://www.motorsportweek.com/2021/09/23/netflix-would-consider-buying-f1-it-were-for-sale/">interview in September</a>: “A few years back, the Formula 1 rights were sold. At that time we were not among the bidders, but today we would definitely consider that now.”</p>
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<p>There may be other jostling for position too, not least the bidders who <a href="https://www.forbes.com/sites/csylt/2015/06/24/qatars-f1-bid-is-like-buying-the-restaurant-if-it-wont-give-you-a-table/?sh=20cd940369e0">lost out</a> to Liberty five years ago. That bid was submitted by Qatar (through the Qatari Sports Investment fund, a part of the country’s sovereign wealth fund) in partnership with the American billionaire Stephen Ross, who owns the Miami Dolphins American football team.</p>
<h2>Pole position?</h2>
<p>Far from losing their appetite for Formula One after they lost out to Liberty, both parties are now firmly embedded in the sport. Qatar staged its first race in November 2021, and has signed up for <a href="https://www.bbc.co.uk/sport/formula1/58748178#:%7E:text=Qatar%20will%20make%20its%20debut%20on%20the%20Formula,at%20its%20Losail%20circuit%2C%20known%20for%20hosting%20MotoGP.">nine more</a> (with a break in 2022 while it hosts the Fifa World Cup). </p>
<p>Next season will also see the first <a href="https://www.bbc.co.uk/sport/formula1/58668716">Miami Grand Prix</a> in May, which will be held at the Miami International Autodrome. The Floridian track weaves around the Hard Rock Stadium’s real estate, which just happens to be the home of the Miami Dolphins.</p>
<p>So could Qatar, Ross or Netflix be tempted to pounce? Certainly the numbers look enticing too. </p>
<p>Earlier this year Liberty’s shares were reported <a href="https://frontofficesports.com/formula-1-viewership-surges-in-2021-season/">to be up 113%</a> since they acquired the sport, and revenue was <a href="https://f1i.com/news/404631-formula-1-results-improve-in-q1-2021-as-recovery-continues.html">up at US$180 million</a> for the first quarter of 2021, from just US$39 million in 2020. </p>
<p>Confidence in the financial value of the sport is high with McLaren Racing’s CEO Zak Brown <a href="https://www.gpfans.com/en/f1-news/71545/f1-value-uncorked-by-liberty-media-ownership-brown/">recemtly pointing out</a>: “Liberty are sports investors in amongst investing in lots of businesses … they could really uncork the potential value of the sport.”</p>
<p>Back in 2020, Bernie Ecclestone, former chief executive of CVC’s Formula One Group, had cautioned that a business that gives the impression that it is doing well might be creating the right climate for a profitable sale. <a href="https://www.f1-fansite.com/f1-news/ecclestone-liberty-shaping-up-to-sell-formula-1/">He said</a>: “I would do the same if I wanted to sell.” </p>
<p>Whether they do intend to sell after one of Formula One’s most exciting seasons in recent years remains to be seen. Interest is up, viewing figures are up, and the start of the 2022 season is already an enticing prospect. For Liberty, that will surely already be classed as a big win – for the business and the sport itself.</p><img src="https://counter.theconversation.com/content/173605/count.gif" alt="The Conversation" width="1" height="1" />
<p class="fine-print"><em><span>Bruce Grant-Braham does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.</span></em></p>There may be no shortage of offers after such a dramatic season.Bruce Grant-Braham, Senior Lecturer, Bournemouth UniversityLicensed as Creative Commons – attribution, no derivatives.tag:theconversation.com,2011:article/809052017-07-12T15:18:56Z2017-07-12T15:18:56ZWill F1 bosses step in to save the British Grand Prix?<figure><img src="https://images.theconversation.com/files/177855/original/file-20170712-14421-1r4ptlo.jpg?ixlib=rb-1.1.0&rect=17%2C92%2C2749%2C1815&q=45&auto=format&w=496&fit=clip" /><figcaption><span class="caption">
</span> <span class="attribution"><a class="source" href="https://www.shutterstock.com/image-photo/formula-one-grand-prix-great-britain-303597215?src=etyYPWT-2nBOG0U9kbUapQ-1-0">BAKOUNINE/Shutterstock</a></span></figcaption></figure><p>Silverstone is playing hard to get. The venerable racing circuit <a href="http://www.skysports.com/f1/news/12433/10944415/silverstone-confirm-break-from-f1-contract-from-2019-what-does-that-mean-for-british-gp-future">signalled its withdrawal</a> from the Formula One season from 2020, citing escalating costs. It is a fascinating moment for the sport. So much of F1’s appeal is wrapped up in the sentimentality of history, but its push for a modern, glittering future risks leaving that behind.</p>
<p>So will F1’s new owners, <a href="https://theconversation.com/reasons-to-be-cheerful-as-liberty-media-era-dawns-in-formula-one-72406">Liberty Media</a>, take the bait and seek to help? The only legitimate way for everyone to save face in this scenario would be for Liberty to buy Silverstone itself and shut down any accusations that they are letting the circuit back in the game on the cheap.</p>
<p>Or might there be a new role here, perhaps, for a certain billionaire with a shock of white hair who <a href="https://www.theguardian.com/sport/2017/jan/23/bernie-ecclestone-no-longer-f1-chief-executive">only recently relinquished his grip</a> on the world’s premier motor racing competition?</p>
<h2>Street fighters</h2>
<p>The Silverstone circuit is enshrined in motor sport history. It hosted the first ever World Championship Formula One race in 1950. But now its owner, <a href="http://www.brdc.co.uk/">the British Racing Drivers Club</a> (BRDC) has reached a financial tipping point. It feels <a href="http://www.independent.co.uk/sport/motor-racing/Formula1/british-grand-prix-at-silverstone-faces-extinction-as-owners-activate-break-clause-with-f1-a7835571.html">unable to sustain continued losses</a> from hosting the British Grand Prix, which were £2.8m in 2015 and £4.8m in 2016. It has therefore exercised a break clause in its contract with F1/Liberty Media.</p>
<p>There has been talk about the race relocating elsewhere, but there is no other facility that could host the 350,000 spectators that annually visit the former airfield in Northamptonshire, northern England. </p>
<p>A mystery street circuit in London was <a href="http://www.standard.co.uk/sport/f1-chief-chase-carey-on-why-he-wants-less-shooting-from-the-hip-as-he-bids-to-drive-the-sport-a3585146.html">suggested as an alternative</a> by Liberty’s F1 CEO Chase Carey but no details have been aired in public. In any case it seems unlikely that the Mayor of London, Sadiq Khan, who is working with the <a href="http://www.c40.org/press_releases/press-release-mayors-of-paris-and-london-announce-car-scoring-system-to-slash-air-pollution-on-city-street">C40 Cities organisation</a> to identify real-world car emissions and their impact on air quality, would find that this fits with his agenda.</p>
<p>Politicians are sensitive to their electorate. Wherever such a circuit might be in London the local residents almost certainly would follow the lead of the <a href="http://savebatterseapark.com/issues-at-a-glance/">“Save Battersea Park” campaigners</a> who saw off the much more politically acceptable <a href="https://theconversation.com/how-electric-car-racing-could-one-day-challenge-the-spectacle-of-formula-one-76192">electric motor racing series Formula E</a> after just two seasons. </p>
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<a href="https://images.theconversation.com/files/177854/original/file-20170712-14421-1o8h7pu.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img alt="" src="https://images.theconversation.com/files/177854/original/file-20170712-14421-1o8h7pu.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" srcset="https://images.theconversation.com/files/177854/original/file-20170712-14421-1o8h7pu.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=480&fit=crop&dpr=1 600w, https://images.theconversation.com/files/177854/original/file-20170712-14421-1o8h7pu.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=480&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/177854/original/file-20170712-14421-1o8h7pu.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=480&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/177854/original/file-20170712-14421-1o8h7pu.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=603&fit=crop&dpr=1 754w, https://images.theconversation.com/files/177854/original/file-20170712-14421-1o8h7pu.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=603&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/177854/original/file-20170712-14421-1o8h7pu.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=603&fit=crop&dpr=3 2262w" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px"></a>
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<span class="caption">No more green lights for Formula E in Battersea Park.</span>
<span class="attribution"><a class="source" href="https://www.flickr.com/photos/sheeprus/19334691668/in/photolist-vsxmdU-wkdCAM-wk6hm1-vsu7WQ-vEQq7p-wk6Ey9-wkdEcH-wkdGxe-vEGcdL-wkdeH2-wCchNn-vEFUBj-vEQQLK-wCctn8-uoZ6L2-uN6BFd-wzorZE-vEQSMi-wkdfcP-wB1shG-wk78uU-vEGnZA-wk63dw-vEGvtd-vEGqrQ-wBHH5D-vr3LW8-vsFAXZ-vJubE9-uNcT4W-JShTwu-uNf7ka-JmKP39-vJyNP5-vJtKwo-uNeHJP-vsuud9-KfmEzy-vK6WCx-JmSJ6v-vJtXcC-vKsLm4-wk76gL-vki84m-wCcr7g-wB1Se9-wBHCsH-wBHBnM-vEQJ5t-vEQFRk">Sheep</a>, <a class="license" href="http://creativecommons.org/licenses/by-nc-nd/4.0/">CC BY-NC-ND</a></span>
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<p>Well-known motor racing circuits such as <a href="http://www.brandshatch.co.uk/">Brands Hatch</a> and <a href="http://www.donington-park.co.uk/">Donington</a> cannot cope physically with the demands of modern grand prix racing and the huge crowds involved – Brands Hatch’s record crowd is only a <a href="http://www.independent.co.uk/sport/motorcycling-fogarty-pulls-in-record-crowd-1109838.html">little more than 100,000</a>. Silverstone itself seems the only realistic solution for the British Grand Prix. If no deal is done the worst case scenario would be that the this iconic event, which was first run at Brooklands in 1926, could be lost. </p>
<p>Silverstone could be sold or leased to the right bidder. Jaguar Land Rover, which was recently keen on just such a purchase, <a href="https://www.motoringresearch.com/car-news/jaguar-land-rover-not-going-buy-silverstone">failed to pull it off</a>. One of their aims had been to establish a company heritage centre at the track. The BRDC has plans for <a href="http://www.silverstone.co.uk/news/silverstone-heritage-experience-secures-funding/">its own heritage experience</a> to open there in 2019 as well as for a hotel complex.</p>
<p>So, what sort of organisation might take on such an asset? Is it too far fetched to think that F1’s new owners might fit the bill perfectly? Liberty Media is well versed in the entertainment business and you only have to look at another of its sporting assets, Suntrust Park, the home of the Atlanta Braves baseball team to see the <a href="http://atlanta.braves.mlb.com/atl/ballpark/">company’s existing experience</a> in establishing a major entertainment complex.</p>
<h2>Old hand, new role?</h2>
<p>Liberty is hoping to emphasise F1’s potential as an entertainment spectacle, and to bring in more and younger fans from around the world, but it still has a keen eye on the decades of glamour and stories which have defined the sport’s appeal. The company has stated its wish for the British Grand Prix to continue as one of motor sport’s historic blue-riband events, and has already <a href="http://www.standard.co.uk/sport/f1-chief-chase-carey-on-why-he-wants-less-shooting-from-the-hip-as-he-bids-to-drive-the-sport-a3585146.html">offered to run the race for the BRDC</a>. But what about buying the whole entertainment complex and developing it? Zak Brown, executive director of the McLaren Technology Group, <a href="http://www.reuters.com/article/us-motor-f1-britain-silverstone-ecclesto-idUSKBN19V0OU">thinks they should</a>.</p>
<p>The added bonus is that this would sidestep any accusations of favouritism from other race promoters if, in an alternative scenario, the BRDC were granted a reduced fee for the race.</p>
<p>The final twist could be that Bernie Ecclestone, who is just getting used to semi-retirement from a lifetime of running F1, is not without influence, knowledge and funds. Could he come up on the rails and buy Silverstone and could the BRDC work with him? He admits to having made <a href="http://www.reuters.com/article/us-motor-f1-britain-silverstone-ecclesto-idUSKBN19V0OU">just such an offer in the past</a>, but denies he is interested right now. Is this a classic piece of posturing?</p>
<p>At the British grand prix this weekend, the action will be focused on a historic circuit as iconic names such as Ferrari, Mercedes and Williams fight it out. The huge crowds both at Silverstone and watching on global television will find it hard to believe that the race might be lost after 2019. Think that’s impossible? Well things do change in this sport. The French Grand Prix <a href="http://www.eurosport.com/formula-1/french-grand-prix-returns-as-part-of-austria-silverstone-triple-header_sto6223818/story.shtml">reappears on the F1 calendar</a> again next year after an absence of ten years.</p><img src="https://counter.theconversation.com/content/80905/count.gif" alt="The Conversation" width="1" height="1" />
<p class="fine-print"><em><span>Bruce Grant-Braham is a Council Member of the British Automobile Racing Club.</span></em></p>Formula One owners Liberty Media, and perhaps even old-hand Bernie Ecclestone, might hold key to saving a crucial part of the sport’s history.Bruce Grant-Braham, Senior Lecturer, Bournemouth UniversityLicensed as Creative Commons – attribution, no derivatives.tag:theconversation.com,2011:article/724062017-03-21T10:24:08Z2017-03-21T10:24:08ZReasons to be cheerful as Liberty Media era dawns in Formula One<figure><img src="https://images.theconversation.com/files/161627/original/image-20170320-9108-1n0jm3c.jpg?ixlib=rb-1.1.0&rect=56%2C27%2C1596%2C994&q=45&auto=format&w=496&fit=clip" /><figcaption><span class="caption">
</span> <span class="attribution"><a class="source" href="https://www.flickr.com/photos/pjmixer/27680698384/in/photolist-Jb3Pfq-Jb6LkR-ExrL6Q-FhRqHN-JFCaPY-HPEyby-JFCwi3-EwPVkw-EwQaFq-F9tbNS-JFCdhd-K7uHHZ-K4uL3s-Jb6is2-KCFerg-E9NJ3H-JMobaz-K4v5eY-D8F2VD-JFC7tQ-JFCeWL-K4uCNC-Jb6s3D-JFBUCW-GPA7bi-JFBP9E-Jb3ZEd-EEZkBL-K4uSHb-ESAhiE-EEZ93y-Egazy1-DKUVCX-E9PetM-KhFYfS-FrbNVU-JFCt6m-JXii7C-JFC97E-K7uXCc-K7uVFB-K7uSga-JxamAf-K4v4ad-J1X5yW-KhFYys-KhFYBd-KhFYtY-KhFYqb-KhFYmy">PJMixer/Flickr</a>, <a class="license" href="http://creativecommons.org/licenses/by-nc-sa/4.0/">CC BY-NC-SA</a></span></figcaption></figure><p>The new Formula One season offers some reason for optimism. When the green lights flash for the opening race in Melbourne at the end of March, we will get our first glimpse of the new promised “Super Bowl-style” Grand Prix. If its recent history is any guide, Liberty Media, the group which now owns F1, should have the ability, experience and resources to revitalise the sport, and deliver on promises they’ve made.</p>
<p>John Malone’s Liberty is a vast media conglomerate, and a rival of Rupert Murdoch’s News Corp. Both, at various times, have eyed <a href="http://www.nytimes.com/2006/12/22/business/worldbusiness/22iht-murdoch.3991109.html">each other’s share holdings</a>. Liberty controls big name brands such as Virgin Media and the shopping channel QVC. It is anticipated that the organisation’s media pedigree will be used to recruit younger Formula One fans, and attempt to keep a tight hold of them through improved interaction.</p>
<p>For an idea of how this might go, we can look at Liberty’s ownership of the Atlanta Braves Major League Baseball (MLB) team in the US. The former World Series Champions were <a href="http://www.timewarner.com/newsroom/press-releases/2007/05/17/liberty-media-acquires-atlanta-braves-baseball-club">bought a decade ago from Time Warner</a> in what was described rather unromantically as a “tax driven transaction”. Since then, performance on the field has not lived up to expectations. Two years ago, attendance slumped to the <a href="http://www.bizjournals.com/atlanta/news/2016/03/23/how-valuable-are-the-atlanta-braves.html">lowest level in 25 years</a>, which affected revenue badly. Not good signs for Formula One you might say.</p>
<h2>Renovation</h2>
<p>However, many of the problems for the Braves were caused by essential renovations of their home ground, Turner Field. This had been the 1996 Centennial Olympic Stadium and was <a href="http://edition.cnn.com/2016/10/02/sport/turner-field-last-game-atlanta-braves/">in need of substantial upgrading</a> to improve the experience for fans. There was no solution that didn’t involve a significant outlay.</p>
<p>What Atlanta is getting is a new stadium complex – <a href="http://atlanta.braves.mlb.com/atl/ballpark/">Sun Trust Park</a>, which opens in April and involves a deal to bring in Comcast’s high-speed voice and video services. An agreement like this could have potential in F1 where <a href="http://www.espn.co.uk/f1/story/_/id/17618136/liberty-sees-virtual-reality-gambling-growth-areas-f1">Liberty has suggested</a> both virtual reality and gambling opportunities might be developed.</p>
<p>For the Atlanta Braves, the prospect of this new venue bolstered confidence and led to a sharp increase in the <a href="http://www.ajc.com/sports/baseball/forbes-braves-surpass-billion-value/SyyfBm2f2pbu8IolMExTAN">value of the MLB franchise</a>. There is fresh optimism around results on the field too if <a href="http://atlantabraves.blog.ajc.com/2017/01/30/the-farm-is-thriving-braves-future-looks-bright/">forecasts are right</a> about the good young players that Liberty has assembled.</p>
<p>Sun Trust Park is not just a sports stadium, and as such, it doesn’t have to rely entirely on MLB games for revenue. It includes a shopping mall which will have up to a million square feet of retail space, as well as a hotel and sponsorship involvement from other local blue chip companies including Coca-Cola and Delta Airlines. The prospect of year-round entertainment is a message for many Formula One tracks: investment in infrastructure could pay off. </p>
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<a href="https://images.theconversation.com/files/161529/original/image-20170320-9147-riqk8j.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img alt="" src="https://images.theconversation.com/files/161529/original/image-20170320-9147-riqk8j.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" srcset="https://images.theconversation.com/files/161529/original/image-20170320-9147-riqk8j.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=219&fit=crop&dpr=1 600w, https://images.theconversation.com/files/161529/original/image-20170320-9147-riqk8j.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=219&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/161529/original/image-20170320-9147-riqk8j.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=219&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/161529/original/image-20170320-9147-riqk8j.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=276&fit=crop&dpr=1 754w, https://images.theconversation.com/files/161529/original/image-20170320-9147-riqk8j.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=276&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/161529/original/image-20170320-9147-riqk8j.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=276&fit=crop&dpr=3 2262w" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px"></a>
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<span class="caption">MLB makeover. Turner Field in 2006.</span>
<span class="attribution"><a class="source" href="https://www.flickr.com/photos/flc/127939608/in/photolist-ciHZj-4KBU2s-nrUsAg-6PnZCr-4QANit-5RnWUp-4QAPL6-nn2eXo-4KAZPW-d6WkJ3-6ANRF5-4PV6sY-8HwUPA-etM8Y7-aL5pD-4L7aoB-nKwn4N-8HtAwv-2y1reg-4KzBQd-fSMoor-6eGrQJ-em31uv-4HivQS-4QJi3N-4KBQ3o-4PV6s5-dwWqNU-4KzEco-88nLhL-4HivQ1-a4R9A7-3drxLe-4KwnjH-4Kwe6K-4KxgAV-8HwUeC-3Cv4G-4KBpcs-d6VUyy-mRfBwy-eAALas-ozqvia-6khpYC-8HwKRo-4KwEwx-etJjVx-uxWxJ5-4KwiGx-4KxrBk">Gregor Smith/Flickr</a>, <a class="license" href="http://creativecommons.org/licenses/by-nc-nd/4.0/">CC BY-NC-ND</a></span>
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</figure>
<p>Liberty are well placed to advise. Another Liberty company, Live Nation Entertainment, is a partner in Sun Trust Park, and describes itself as the largest live entertainment company in the world. Billy Joel will headline the <a href="http://www.wsbtv.com/entertainment/billy-joel-to-play-atlanta-braves-new-stadium-suntrust-park/481471135">first concert at the sports stadium</a>, opening a schedule that is expected to see 40 music and comedy shows each year.</p>
<h2>Brains and Brawn</h2>
<p>The Liberty team has some strong leadership in place, but they haven’t played it flawlessly so far. CEO of the parent group Liberty Media Corporation is Greg Maffei, who also acts as Live Nation’s chairman. Maffei is a former Microsoft chief financial officer (CFO) and was once chairman and CFO of technology group Oracle. He described Liberty as “happy owners” of The Atlanta Braves but came in for criticism from loyal fans when he <a href="http://jeffschultz.blog.myajc.com/2016/04/21/comments-from-libertys-maffei-reaffirms-braves-need-new-ownership/">referred to the team as an “asset”</a> and wouldn’t give a long term commitment. </p>
<p>This is noteworthy because Liberty Media Corp chairman, <a href="http://ir.libertymedia.com/management.com">John Malone</a>, has a <a href="http://www.economist.com/news/business/21652316-what-giant-deal-says-about-americas-media-and-internet-industries-malone-wolf">reputation for building and selling</a> business empires. At the time of writing he has not yet visited a Formula One race.</p>
<p>Liberty’s Formula One Group, however, is being led by Chase Carey – a former executive vice-chairman at 21st Century Fox. He <a href="https://www.nytimes.com/2017/01/24/sports/autoracing/chase-carey-formula-1-bernie-ecclestone.html?_r=0">claimed to be “awed”</a> when he visited the 2016 Monaco Grand Prix and was impressed that the race managed to captivate the whole city. He drew that comparison with the Super Bowl.</p>
<p>But the really crucial part of the leadership team must be Ross Brawn. He was hired by Liberty to act as managing director for motor sports and called the Formula One deal an “almost unprecedented opportunity to work together with the teams and promoters for a better F1.”</p>
<p>There is little that Brawn doesn’t know about Formula One having delivered no less than 20 world titles. He has worked with Williams, Benetton and Ferrari, notably with Michael Schumacher. In 2009 he won one title with his own team’s Brawn GP Formula One car <a href="https://www.theguardian.com/sport/2009/oct/18/jenson-button-wins-f1-world-title-brazil">driven by Jenson Button</a>. And Brawn has many educated opinions about the competitiveness of the racing and the show expected by spectators.</p>
<p>These were no doubt expressed during his time as a consultant to Liberty before the company purchased Formula One. Brawn also introduced Virgin Media to Formula One in 2009, a company now absorbed in to Liberty. He too knows the media ropes and the expectations of such sponsors.</p>
<p>Brawn’s involvement, alongside the long-term game played with the Atlanta Braves, offers every indication that Liberty has the potential to improve Formula One for all concerned – and to do so not just with an accountant’s eye, but with some understanding of the glorious romance attached to this global sport.</p><img src="https://counter.theconversation.com/content/72406/count.gif" alt="The Conversation" width="1" height="1" />
<p class="fine-print"><em><span>Bruce Grant-Braham does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.</span></em></p>An F1 insider could give the US media group an edge in its effort to reinvigorate the world’s fastest motor sport.Bruce Grant-Braham, Lecturer in Sport Marketing specialising in motorsport, Bournemouth UniversityLicensed as Creative Commons – attribution, no derivatives.