Word has it that John Malone will relinquish his role as chairman of both Liberty Media and Liberty Global, the entity that encompasses Formula 1 and MotoGP, with Robert R. “Dob” Bennett slated to assume the position at the dawn of the new year.
Upon Bennett’s ascent to the chairmanship, Malone will be designated as chairman emeritus, a recognition of his leadership in steering Liberty Media’s expansion into the ownership of diverse motorsports ventures over the preceding decade.
Liberty officially gained control of Formula 1 in 2017, solidifying an agreement reached during the previous season, and has since spearheaded the championship’s advancement through amplified media engagement and the triumph of its Netflix series, Drive to Survive.
Under Malone’s guidance, Liberty also procured Dorna, the parent organization of MotoGP and its associated series, subsequent to securing approval from the European Commission.
Having amassed his wealth in the cable television sector, Malone established Liberty Media as an outgrowth of the cable TV enterprise Tele-Communications Inc (TCI), where he played a pivotal role in its development throughout the 1970s and 1980s.
“Establishing Liberty Media and serving as its chairman has been among the most fulfilling endeavors of my professional career,” Malone expressed.
John Malone, Chairman, Liberty Media, and Chase Carey, Chairman, Formula One
Photo by: Steven Tee / Motorsport Images
“With the effective streamlining of our portfolio in recent years and our operational divisions in commanding positions, I deem it an opportune moment to recede from certain of my duties, and I am exceedingly pleased to have Dob Bennett, my associate and colleague of 35 years, assuming the chairman’s mantle.
“Dob has been integral to all pivotal decisions throughout Liberty Media’s existence, and I am assured that Liberty is favorably situated for the times ahead. I anticipate remaining actively involved as a substantial Liberty shareholder and a strategic advisor to our management and board.”
Bennett has served as a director of Liberty Media since 1994, fulfilling the roles of the company’s president and CEO from 1997 to 2005. He will constitute one-third of Liberty’s executive committee, alongside current president and CEO Derek Chang, and former F1 CEO Chase Carey.
“I extend my gratitude to John for over three decades of collaboration and guidance,” Bennett conveyed. “His heritage as a forward-thinking business magnate is unparalleled, and I am profoundly thankful for his faith in me.
“I speak for the entire board in expressing our appreciation to John for his remarkable leadership as our chairman and for his ongoing involvement as chairman emeritus.”
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– The Autosport.com Team
