Photo: RacePictures.

F1-owner Liberty Media's John Malone, steps down from chairman role

19:02, 29 Oct

byNorberto Mujica

John Malone has stepped down from his role as chairman of Liberty Media and Liberty Global.

The cable TV pioneer has stepped down from his role as chairman of F1-owner Liberty Media and Liberty Global, both companies announced on Wednesday.

Liberty Media's Vice-Chairman Robert Bennett thus becomes chairman of the board, and Liberty Global's CEO Mike Fries moves up to fill the position Malone vacated in his company.

The 84-year-old now takes up the role of chairman emeritus, after a career that saw him successfully build a cable TV and pay-per-view empire that has earned him the monicker "Cable Cowboy."

Malone is also responsible for setting up Liberty Media, who's most recent acquisition of MotoGP now puts them in control of two of the most popular racing series worldwide, with the American company having taken over Formula 1 in 2017, after a deal that saw former F1 Supremo Bernie Ecclestone step down from his role as F1 CEO was struck.

This change in structure was expected as Malone had already stated he would not put himself up for re-election as chairman of the board back in April.

Liberty Media's take-over of MotoGP triggers investors' interest

After the announcement that Liberty Media's attempt to take over MotoGP was in full compliance with the EU's anti-monopoly rules, greenlighting the acquisition, rumours surged tipping Lewis Hamilton and Max Verstappen as potential buyers of a team in the pinnacle of motorcycle racing.

Guenther Steiner, however, leading the investment group IKON Capital, did pull the trigger on a deal that saw them take over the Red Bull KTM Tech3 team in MotoGP.

GPblog's latest F1 Paddock Update

Want to stay up-to-date with what happens in the F1 paddock? Then GPblog's F1 Paddock Update video is the perfect way to do it. Subscribe to GPblog's YouTube channel and turn on notifications to never miss the latest episodes.