F1 makes major announcement with Stefano Domenicali future decided

Formula 1 president and CEO Stefano Domenicali will continue in his role at the helm of the sport through 2029 in a five-year contract renewal.

Domenicali assumed the role of president and CEO on January 1, 2021. Today, Formula 1 has announced that his contract has been extended through 2029, giving him control of the sport for another five years.

Stefano Domenicali ‘honoured’ to continue as Formula 1 president, CEO

Stefano Domenicali first assumed the leadership of Formula 1 back on 1 January, 2021 in what was a transformative move for the global open-wheel sport.

After working his way up the ranks at Ferrari beginning in 1991 and taking over as team principal in 2008, Domenicali joined Audi AG as Vice President of New Business Initiatives in 2014, then was made Chairman and Chief Executive Officer of Automobili Lamborghini in 2016.

During that time, he was also president of the FIA’s single-seater commission.

That he followed his career trajectory by assuming the role of President and CEO of Formula 1 was an important next step.

In a press release, Domenicali said, “I am honoured to continue to lead this incredible sport, which I love and has been part of my life since my childhood and grateful to the Liberty Media Team for their trust.

“Together, with all the relevant F1 stakeholders, we will continue to serve the best interest of our fans, as they are the heartbeat of everything we do. The passion, the energy and the adrenaline are the fuel that powers me every day to give my absolute best to Formula 1.”

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Domenicali assumed his leadership at Formula 1 after former CEO and President Chase Carey stepped down. The American had been in charge since 2017, when Bernie Ecclestone sold Formula 1 to American buyers Liberty Media.

Carey had ushered F1 into a new era characterized by the adoption of new media technologies and relentless global expansion. After purchasing F1 from Ecclestone, Carey informed the longtime boss that he’d be taking over his role.

What followed was a slow and quiet transformation of the sport that relied on Netflix and social media to craft dedicated fanbases, while Carey helped oversee the signing of a 2021 Concorde Agreement that sought to equalize the playing field.

But when Domenicali assumed control at the start of 2021, F1 was very much in flux. The sport was slowly emerging from the COVID-19 pandemic; plenty of global races were still canceled, and the future of key races in Asia, Europe, and the Americas were still on shaky ground.

It was Stefano Domenicali, then, who was tasked with helping F1 overcome those challenges. The former Ferrari man was a strong choice, considering his background in the sport. He knew what parts of Formula 1’s tradition were worth saving, and which parts could be sacrificed to a new vision of F1.

That vision has been realized with the largest calendar in F1 history, which has been loaded to the brim with star-studded Grands Prix and audacious events like the F1 75 launch at London’s O2 Centre. That Domenicali will continue in this role is a vote in favor of his vision.

In the press release announcing Domenicali’s signing, President and CEO of Liberty Media Derek Chang said, “We are thrilled to renew Stefano and look forward to his leadership alongside the talented management of Formula 1 for the years ahead.

“Stefano has been an excellent steward of the business, building on its successful foundation and accelerating Formula 1’s rate of growth both
commercially and in fan engagement. His energy and enthusiasm for the sport translate into highly effective strategy and results.

“On behalf of Liberty, we are thankful for his partnership and incredibly optimistic about the continued success the F1 team can drive for the sport, our fans, partners and shareholders.”

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