F1 owner Liberty Media crowned most valuable sports empire

In Brief: Motorsport’s Shifting Landscape

Forbes Crowns Liberty Media as the Most Valuable Sports Empire

Forbes magazine has officially recognized Liberty Media, the commercial rights holder of Formula 1, as the world’s most valuable sports empire of 2023. This prestigious ranking underscores the immense financial power and global reach that Formula 1 now commands under Liberty Media’s stewardship.

The report highlights that “the world’s 25 most valuable sports empires are worth a total of $173 billion, marking a significant 23% increase from the previous year.” Notably, Forbes has refined its valuation methodology this year, which now aggregates the values of companies owning multiple sports franchises, thereby boosting the overall valuation of such expansive entities or family-owned empires. This adjusted approach provides a more holistic view of consolidated sports wealth, positioning multi-sport conglomerates like Liberty Media at the forefront.

Given its extensive global calendar, spanning numerous continents, and an intense nine-month competition schedule, it comes as no surprise that Formula 1 stands as Liberty Media’s most prized asset. While recent discussions have speculated on F1’s market value reaching as high as $20 billion (£16.15bn) – a figure that sparked a public disagreement between Formula One Management (FOM) and the FIA – Forbes offers a more conservative yet still substantial estimate. The magazine places F1’s actual worth at $17.1 billion (£13.8bn), a figure meticulously calculated after factoring in lucrative new television rights deals successfully negotiated last year. These agreements demonstrate F1’s growing appeal and its ability to secure substantial revenue streams from broadcasters worldwide.

Further bolstering Liberty Media’s financial profile, the report notes that “during the past year, the price of F1’s tracking stocks have increased 5%.” This upward trend reflects strong investor confidence and the sport’s consistent growth trajectory. In total, Forbes estimates Liberty Media’s commercial value at an impressive $20.8 billion (£16.8bn). Beyond its dominant stake in Formula 1, Liberty Media’s portfolio also includes a minority share in the esteemed IndyCar team Meyer Shank Racing, showcasing its diverse interests within top-tier motorsport.

Other prominent entities featuring on Forbes’ exclusive list with significant motorsport interests include the Fenway Sports Group. Ranked fourth overall, this powerful conglomerate is valued at $10.4 billion (£8.3bn) and is the proud owner of the Roush Fenway Keselowski Racing team in NASCAR, a titan in American stock car racing. Additionally, RedBird Capital Partners holds a minority share in Fenway Sports Group, highlighting the intricate web of investments and partnerships that define the upper echelons of the sports industry. These valuations underscore the global appetite for motorsport and its increasing financial allure.

Chaos and Crashes Mar Kuwait’s Inaugural Single-Seater Races

Kuwait Motor Town recently hosted its much-anticipated inaugural weekend of single-seater racing, a landmark event featuring the Formula Regional Middle East (FRME) and Formula 4 United Arab Emirates (F4 UAE) championships. However, the historic occasion did not unfold as smoothly as organizers had hoped, with much of the race time spent under Safety Car conditions or disrupted by red flags due to multiple incidents.

The 5.6-kilometre Kuwait track, designed with several promising overtaking zones, promised thrilling wheel-to-wheel action. Key among these was the expansive straight leading into turn two and the challenging downhill right-hander at turn seven. Unfortunately, a combination of the track’s novelty and an abundance of enthusiasm from young drivers led to overly aggressive attacks and defensive maneuvers, particularly in these critical areas, setting the stage for the chaotic events that followed.

FRME’s opening race, as depicted in the video above, was brought to a premature halt on lap one. Two colossal crashes at turn two saw multiple cars involved in harrowing incidents: vehicles rolling, riding over one another, losing wheels, and being launched skyward from various forms of contact. Amidst the chaos, Ferrari junior Dino Beganovic managed to secure victory in the truncated event. The subsequent two races proved equally challenging, with Joshua Dufek and Sami Meguetounif taking wins, though both encounters unfolded primarily behind the Safety Car after lap one collisions once again dictated the pace.

The F4 UAE championship was bestowed with the honor of staging Kuwait’s first-ever open-wheel race, a moment intended for the history books. However, this history-making action lasted barely half a lap before red flags were deployed following a cascade of multiple incidents. After the restart, Ferrari junior James Wharton skillfully navigated the challenging conditions to emerge victorious in the restarted encounter, showcasing his talent under pressure.

Race two mirrored the first, with a mere half-lap of green flag racing before the entire event was stopped. Upon the cars’ return to the track, Wharton narrowly missed out on victory to McLaren junior Ugo Ugochukwu. Race three, however, saw former Sauber junior Zachary David dominate proceedings. He seized the lead at the restart after a Safety Car period, which had been necessitated by a lap one collision involving Wharton and his main title rivals, underscoring the relentless competitive spirit and the inherent risks of single-seater racing on a new circuit.

Essential Motorsport Links

Here’s a collection of compelling motor racing links to keep you informed:

Herta Eager to Help Wickens Get Back to Racing in IndyCar with Hand Controls (Racer)

This inspiring report details Robert Wickens’ ongoing quest to return to IndyCar racing using specialized hand controls. Wickens’ promising rookie season was tragically cut short by a severe crash at Pocono in 2018. For years, he has relentlessly pursued the necessary funding and technical adaptations to outfit an Indy car with hand controls, a testament to his unwavering determination and the profound support from the racing community, including Colton Herta, who is keen to assist in this remarkable comeback effort. His journey highlights the advancements in adaptive technology in motorsport and the incredible resilience of drivers.

Foster Wins in Wet on FRegional Oceania Debut (Speedcafe)

Louis Foster made an emphatic statement on his debut in round three of the Formula Regional Oceania championship at Manfeild. Despite the challenging wet conditions, Foster delivered a masterful performance, claiming victory in the 22-lap race. He skillfully bested poleman Charlie Wurz, though Wurz later faced a post-race penalty, further solidifying Foster’s impressive win. This showcases the immediate impact a talented driver can have in a competitive junior series.

F1 Academies: A Mandatory Pathway (Autohebdo)

This article from Autohebdo delves into the undiminished importance of F1 academies as an essential stepping stone for young drivers aspiring to reach the pinnacle of motorsport. Despite the significant transformative changes F1 has experienced since Liberty Media took the helm, the structured development and support offered by these academies remain crucial. They provide vital training, financial backing, and career guidance, ensuring a pipeline of talent for the premier category, emphasizing that raw talent alone is often insufficient without comprehensive support systems.

John Lennon House and Lewis Hamilton Mansion on Offshore Ownership Register (The Guardian)

The Guardian reports on the inclusion of properties linked to prominent figures like John Lennon and Lewis Hamilton on the UK’s new offshore ownership register. The article specifically notes that Hamilton declared himself the owner of three companies incorporated in the British Virgin Islands, with corresponding addresses in Guernsey. This corporate structure is understood to have been established primarily to safeguard the Formula 1 driver’s privacy, a common practice among high-net-worth individuals, raising broader discussions about transparency and personal security in an era of increasing public scrutiny.

Open Dispute with the FIA (Auto Motor und Sport)

Auto Motor und Sport sheds light on an escalating public dispute between the FIA and Formula 1 Management. FIA president Mohammed Ben Sulayem has emphatically reiterated the FIA’s demand to be seated at the negotiating table for any potential sale discussions concerning Formula 1. He asserted, “The championship is ours; we have only rented it out. So far there are only rumors about a possible sale. But the FIA should have a say and be able to offer advice.” This statement highlights the fundamental governance clash and the FIA’s determination to protect its jurisdictional authority over the sport’s commercial future, irrespective of who holds the commercial rights.

Alonso Protégé Andres Cardenas Steps Up to Car Racing with Campos (Formula Scout)

Formula Scout announces that Peruvian karter Andres Cardenas, a promising member of Fernando Alonso’s A14 Management stable, is making the significant transition to single-seater car racing this year. Cardenas will join Campos Racing, a team with historical significance for Alonso himself, who made his own car racing debut with Campos back in 1999. The team is set to run Cardenas in Spanish Formula 4, marking an exciting new chapter in the young driver’s burgeoning career under the mentorship of a two-time F1 world champion.

We consistently strive to attribute original sources accurately. Should you have a suggestion for a link pertaining to single-seater motorsport that you believe would be valuable for our next RaceFans round-up, please do not hesitate to submit it to us via our contact form.

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Social Media Insights

Discover some of the most notable posts and videos from Twitter, Instagram, and other platforms that have captured the motorsport community’s attention:

This insightful YouTube video, titled “F1 Pedals | How It Works 🔧”, offers a detailed look into the sophisticated engineering behind Formula 1 car pedals. Viewers are treated to an in-depth explanation of their function, design, and the intricate technology that allows drivers to precisely control speed and braking at extreme levels. It’s a fascinating dive into a often-overlooked yet critical component of an F1 machine.

|◤ 奇跡の瞬間！？
– #F1 × #新幹線 🔥💨 – ◢|

めっちゃエモい写真だけど、
これどこまでホント？

２日後の真相をお楽しみにッ!!✨ #RedBull #BAKUSOU pic.twitter.com/FgLLgEiekb

— レッドブル モータースポーツ🏁 (@redbullmotorJP) January 28, 2023

Red Bull Motorsport Japan sparked a frenzy with a captivating image appearing to show an F1 car racing alongside a Japanese Shinkansen bullet train. The tweet, questioning the authenticity of this “miraculous moment,” playfully teased followers to await the truth in two days. This clever marketing stunt, tagged with #RedBull and #BAKUSOU, exemplifies Red Bull’s innovative approach to engaging fans and generating excitement around their brand and the sport.

🗣️ “I just don’t know what went wrong!”

We’re back in the Drivers’ Room after an absolute thriller in Diriyah! 😮‍💨 #DiriyahEPrix pic.twitter.com/DNV2GYEPkw

— Formula E (@FIAFormulaE) January 28, 2023

Formula E provided a behind-the-scenes look from the “Drivers’ Room” following an “absolute thriller” at the Diriyah E-Prix. The accompanying video snippet likely captures raw emotions and candid reactions from drivers as they debrief after a high-octane race, offering fans a glimpse into the unfiltered intensity and post-race reflections that define Formula E competition.

Hard qualy today… we tried something different that didn’t work at all 🤬

In Formula E details are everything.

P20 and we fight back 🤜🏻🤛🏻 pic.twitter.com/Ymuvd1Wl1Y

— Lucas Di Grassi (@LucasdiGrassi) January 28, 2023

Veteran Formula E driver Lucas Di Grassi shared his frustration after a “hard qualy” where an experimental strategy “didn’t work at all.” His tweet, acknowledging that “in Formula E details are everything,” reflects the intense precision required in the series. Starting from P20, Di Grassi vowed to “fight back,” demonstrating the unyielding competitive spirit even after a challenging session.

That was Friday at the @RaceOfChampions🤘 the FC1-X is mad, almost took @FelipeDrugovich into space 😂

Tomorrow, the real competition begins… let’s go defend that Nations Cup! 😎 #ROCSweden pic.twitter.com/jkNGCjZsv7

— Oliver Solberg 🍩 (@OliverSolberg01) January 27, 2023

Rally driver Oliver Solberg posted about his thrilling experience during Friday at the Race of Champions (ROC) in Sweden. He humorously described the FC1-X car as “mad,” jesting that it “almost took @FelipeDrugovich into space.” Looking ahead, Solberg expressed excitement for the “real competition” to begin, eager to defend the Nations Cup. His tweet captures the camaraderie and intense fun of the Race of Champions, where drivers from various disciplines push cutting-edge machinery to their limits.

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• For more official F1 accounts and engaging content, explore our comprehensive F1 Twitter Directory.

Comment of the Day: Williams’ Reserve Driver Dilemma

Williams’ long-serving reserve driver, Jack Aitken, has officially departed the team for the 2023 season. The one-time Grand Prix starter is now dedicating his focus to an ambitious program in the highly competitive GTP prototype sports car class, participating in the four-race IMSA Endurance Cup. This new venture began this past weekend with the iconic Daytona 24 Hours race, marking a significant shift in Aitken’s racing career.

The IMSA Endurance Cup calendar presents minimal conflict with F1, with only a single date clash, indicating a strategic move for Aitken to broaden his horizons in endurance racing. Aitken’s last appearance in a single-seater car was approximately one-and-a-half years ago in Formula 2, having since transitioned primarily into sports car racing. His departure leaves a notable vacancy at Williams, and the team now faces the challenge of identifying and appointing a new reserve driver within the next month, a crucial decision ahead of the upcoming F1 season.

So who will their reserve driver be? It’s not obvious from their list of academy drivers (indeed I’m not sure who among them has enough super license points). Are they just going to wing it like with De Vries? Or maybe recall Latifi if there’s enough notice?
Martin

Our insightful “Comment of the Day” from reader Martin perfectly encapsulates the uncertainty surrounding Williams’ next move. Martin raises pertinent questions about potential candidates, highlighting the critical hurdle of Super Licence points for academy drivers. He muses whether Williams might replicate their approach with Nyck de Vries – who sensationally filled in at Monza last year – or even consider a temporary recall for former driver Nicholas Latifi, should sufficient notice allow. This discussion underscores the intricate considerations involved in securing a qualified and readily available reserve driver in modern Formula 1.

Happy Birthday!

We extend our warmest birthday wishes to Graeme, Hazel J, Mpj1994, Shery, Southpawracer, Hester Burger, William, and Jack! May your day be filled with joy and celebration!

On This Day in Motorsport History

• 15 years ago today, January 29th, 2008, Honda unveiled its final Formula One car, the RA108, before their withdrawal from the sport at the end of the year. This marked a poignant moment for the Japanese manufacturer in Grand Prix racing.