F1 is considered to be the pinnacle of motorsport by most racing fans all over the world. Since its inception in 1950, it has created some of the biggest sporting starts the world has ever seen including the likes of Ayrton Senna, Michael Schumacher and Lewis Hamilton.
However, F1’s popularity was limited to certain geographical regions while it struggled to grow in countries like the US. That has changed drastically since Liberty Media took over the sport ahead of the 2017 season. F1’s popularity has skyrocketed since and the number of viewers are increasing every single year.
Netflix’s Drive to Survive docuseries has also played a very big role in helping F1 grow. For the fans who are new to the sport, the show provides a glimpse into the lives of F1 drivers both on & off the track which makes DTS very appealing. These factors have led to an immense increase in valuation for both F1 and Liberty Media.
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Liberty Media made massive gains after purchasing F1 for $4.4 billion in 2017
Liberty Media completed a takeover of F1 in 2017 for a reported total of $4.4 billion. Recently, Forbes revealed that the company is valued at $21 billion out of which F1 contributes $17 billion. This is a huge return on investment for the company who changed the sport.
Forbes have also labeled Liberty Media as the ‘World’s Most Valuable Sports Empire’. Drive to Survive has immensely contributed to this massive growth, especially in the US since it was a market F1 was struggling to penetrate.
The US Grand Prix was a mainstay in the calendar since 2012 but 2021 saw the inaugural Miami GP take place which meant we saw two American races last season. In 2023, there will be yet another race in the States with the Las Vegas Grand Prix set to make its debut.
Liberty Media refused to sell F1 for $20 billion
Earlier this month, a Saudi Arabia-backed consortium offered $20 billion to Liberty Media to purchase F1 rights for them. This offer, however, was rejected instantly. The Saudi Public Investment Fund, however, was not put off by this rejection. They’re a huge company that also owns English Premier League club Newcastle United.
Liberty Media, however, are not keen to let go of F1, which has been a hugely valuable investment for them.
