Showing posts with label Liberty Media. Show all posts
Showing posts with label Liberty Media. Show all posts

Monday, 30 September 2024

MICHAEL ANDRETTI CEDES CONTROL OF ANDRETTI GLOBAL RACE TEAM


Michael Andretti has restructured Andretti Global to give co-owner Dan Towriss control of the organization while Andretti will stay on as a strategic adviser of the team he has led since 2002.

Andretti in early 2023 confirmed he had sold part of the company to Towriss, owner of Gainbridge and holding company Group 1001. Gainbridge is one of the largest sponsors in IndyCar and also sponsors Andretti driver Colton Herta's car.

The team has rapidly expanded with Towriss' influx of cash, and Towriss has been part of Andretti's push to join Formula 1. Andretti is still listed as CEO and chairman of Andretti Global, which is the name the team changed to when Towriss became part of the ownership group.

"Michael's goal has been to transition to a more strategic role with Andretti Global and focus less on the operational side of the race team," the team said in a Friday statement. "Michael and Dan Towriss have been working closely on developing this new structure, one which Michael is excited to see take shape under Dan's guidance.

"Michael remains engaged and will continue to serve as a strategic advisor and key ambassador."

The transition was first reported by Sportico, a publication owned by Roger Penske's son. Andretti and Penske have been at odds the entire season with Andretti complaining Penske was not spending enough to properly market the team and if he wasn't willing to pump in the needed cash, he said Penske should sell IndyCar and Indianapolis Motor Speedway.

The comments infuriated Penske, and his leadership group slowly began dealing more directly with Towriss. The amplification of the resentment between Andretti and Penske grew as the season went on and in late August, Andretti leadership noted there was a clear conflict of interest when Penske driver Josef Newgarden was not penalized for various maneuvers while winning at Gateway outside St. Louis.

Andretti Global said it would share more details of the changes "after Michael and Dan have had an opportunity to speak to the team."

Andretti Global fielded three IndyCar teams this season and won the season finale with Herta at Nashville Superspeedway. Andretti drivers have won the Indianapolis 500 five times.

It was not immediately clear what happens next with Andretti's ongoing effort to enter F1, which has been heavily blocked by both the owners of F1 and the majority of the 10 existing teams on the F1 grid. Liberty Media, which owns F1, has admitted it is under investigation by the Justice Department for possible anti-trust violations in not allowing Andretti into F1.

Andretti and his father, Mario, in 2021 formed a special purpose acquisition company (SPAC) that was separate from Andretti Global and called Andretti Acquisition. The SPAC was designed raise cash in an IPO to buy and take public another business.

Andretti in March closed a merger with Zapata Computing Holdings, a generative AI company. Andretti Global is Zapata's largest customer, while Zapata is a sponsor of the motorsports team.

Zapata, per filings, is paying Andretti Global $9 million under the agreements while Andretti Global is paying Zapata $6 million. The agreements expire at the end of 2024, per Sportico.

Michael Andretti holds nearly 13% of the diluted equity of Zapata.

- Associated Press

Monday, 15 April 2024

CAN LIBERTY MEDIA REPEAT F1'S SUCCESS WITH MOTOGP?

Legends of F1 and MotoGP Lewis Hamilton and Valentino Rossi swapped rides during a promotional event in 2019. Mirco Lazzari/Getty Images for Monster Energy


 It's hard to imagine now, but there was a time, not all that long ago, when Formula One was not the darling of the motorsport world that it is today.

Video content was largely restricted on social media, making viral moments nothing more than a marketer's fantasy. In-person attendance in 2016 was 65% of what it was in 2022, and in the United States in particular, it was half. Television ratings in the U.S. that year were 38% of what they were last year.

Then along came Liberty Media, which completed its purchase of F1 in January 2017. Two years later, "Drive to Survive" debuted on Netflix -- part of the new owners' comprehensive approach to holistically promote storytelling around the series -- and not long after that, the sport became the star-studded pop-culture sensation that millions watch each Sunday on ESPN.

In MotoGP, the calendar may as well have just turned to 2017.

Last week, Liberty announced a takeover of MotoGP parent company Dorna Sports, acquiring approximately 86% of the company, which will remain independently operated under Liberty's Formula One Group. The takeover could attract regulatory scrutiny, but the deal is expected to be completed by the end of 2024.

It has been less than two weeks, but so far, the new owners have been clear: the product is good.

"Fans will only have things to look forward to and more people to share their fandom with," Dorna Sports chief sporting officer Carlos Ezpeleta said during a news conference on Thursday at Circuit of the Americas in Austin, Texas ahead of this weekend's Grand Prix of the Americas. "Liberty does not think that the sport needs fixing, and we agree with that. We think that we have an amazing sport that we have built together with all the stakeholders in the paddock."

The goal for Liberty is simple: get MotoGP in front of a larger audience. But how will it accomplish that?

MotoGP's growth opportunities

Making MotoGP an international success story won't be as simple as pulling pages out of Liberty's "How We Made F1 Into a Season Full of Super Bowls" playbook.

Formula One has long traded on the extravagance of destinations like Monaco and nine-figure team budgets, creating a sense of luxury and exclusivity that goes hand in hand with the celebrity culture that has inundated the paddock, which routinely welcomes the likes of Brad Pitt and Serena Williams. What MotoGP sells is its racing, where top speeds approach 230 mph, riders drag their knees and elbows across the pavement at every corner and leave tire marks on one another in fiercely contested overtakes.

Where Liberty succeeded with F1, though, and where it must discover similar success with MotoGP, is in storytelling.

Expensive cars driven in exotic locales, riders reaching triple-digit speeds just inches off the asphalt, these moments appeal to core audiences, but history suggests that they alone aren't enough to attract new fans.

What drew legions of new (and almost equally importantly, younger) fans to F1 were the personalities of "Drive to Survive." Daniel Ricciardo has enjoyed an admirable grand prix career, one worth celebrating when the 34-year-old eventually decides enough's enough, but the man with eight career victories has as devoted of a following as you might expect of a multi-time world champion. That's almost entirely down to his persona, the colorful Australian practically became synonymous with "Drive to Survive."

"I feel that we have a lot of stories to tell," 2023 runner-up and 2024 championship leader of MotoGP Jorge Martín told ESPN on Thursday. "It is a really risky sport, a sport that you really play a lot with your life, and I think people would like it a lot if they could see something like this. Hopefully with Liberty Media on board, they will push the sport and it will help all of us."

The potential is there.

Marc Márquez is arguably the greatest MotoGP racer of all time, but a career-threatening arm injury has kept him from adding to his six world championships. Luca Marini has lived in the shadow of half-brother Valentino Rossi, a seven-time world champion who transcends the sport, and is now embarking on a quest to restore MotoGP's most storied team to its place at the front of the field. Pedro Acosta is only two races into his rookie season but is already making headlines, both for his generational talent and his larger-than-life personality -- he said overtaking Márquez on his debut was "like when you lose your virginity."

One source told ESPN that there are no plans for a "Drive to Survive"-like documentary series in the works, but that will change in time. MotoGP is looking for the right partner to tell its story, and that selectivity will be vital in a crowded marketplace where no other sport has truly capitalized on its all-access docuseries quite like F1 has.

And nowhere has F1 felt the Netflix effect with more force than in the United States. Adding a second race in the country is necessary to help MotoGP's audience expansion. The issue, however, is that there isn't an obvious candidate to join Circuit of the Americas on the calendar.

Before Austin became home to the Grand Prix of the Americas in 2013, Laguna Seca in Salinas, California was an on-and-off home of MotoGP in the U.S. between the late 1980s and early 2010s. While that venue is almost universally adored, the changes required to meet the standards of the FIM (MotoGP's sanctioning body) would be prohibitively expensive.

Various other potential destinations face similar or equally large hurdles. There are questions of safety, concerns with facilities that don't meet the expectations set by the championship's newest tracks and worries that locations are situated too far from major cities.

The physics of motorcycle racing demand large areas of run-off room, space for fallen riders to come to a (relatively) gradual stop before hitting walls, barriers or any other structure that can do the human body damage when struck at speed. While the F1 calendar balloons with street races, including in Miami and Las Vegas, that premise is a total nonstarter for MotoGP.

If (or when) a second circuit in the U.S. were to be added to the schedule, one source suggested that MotoGP could construct a Western Hemisphere swing consisting of two races in the U.S. and another two in South America -- likely in Argentina, where it raced at Autódromo Termas de Río Hondo off and on between 2014 and 2023, and Brazil, where Jacarepaguá most recently hosted the series between 1995 and 2004. This could help expand the series' audience while also improving scheduling efficiencies.

Perhaps the greatest opportunity that Liberty can provide MotoGP with, though, is the power of association.

Liberty is more than just Formula One; it also owns the Atlanta Braves, SiriusXM, Live Nation and QuintEvents. Experience with those brands across industries yields a vast network of contacts, all well-versed in media and promotion.

Leveraging Liberty's networks can open doors to potential partners and sponsors who may have never heard of MotoGP before last week. If the sport can present its incredible product to these new audiences, showcasing the personalities of the seemingly fearless riders who risk life and limb every time they throw a leg over the bike, then Liberty may well have another motorsport hit on its hands.

- Austin Lindberg, Senior Editor

Tuesday, 19 December 2023

IN 2023, THE SAUDIS DOVE FURTHER INTO SPORTS. THE ARE EXPECTED TO.KEEP IT UP IN 2024

Phil Mickelson. AP Photo 

At the dawn of 2023, the specter of Saudi Arabia’s growing influence on pro golf — and sports in general — served not only as a moral conundrum for players and their fans, but also, some argued, as an existential threat to the multibillion-dollar professional-sports industry itself.

Twelve months later, it's a different conversation, now virtually devoid of concern about the supposed menace of “sportswashing” and the line between “right” and “wrong,” and more fixed on just how rich the Saudis might make all these athletes before they’re done investing.

Two major events sparked the change: The June 6 announcement that the PGA Tour was looking to go into business with the very Saudi group that was paying for the kingdom's LIV Golf, which the tour had labeled as a threat. Then, six months later, the decision by the world’s third-ranked player and an early resister of LIV, Jon Rahm, to move to that league for a contract reported in the neighborhood of $500 million.

Making less-dramatic but almost equally important headlines were the continuing talks between the Saudis and leaders in pro tennis — and Saudi Arabia’s ongoing push into global soccer, reflected most vividly by a decision that smoothed the way for the Saudis to host the sport’s biggest event, the World Cup, in 2034.

Monday, 20 November 2023

COLUMN: F1 HITS THE JACKPOT ON LAS VEGAS ON ITS $500 MILLION GAMBLE AFTER MANY STUMBLES ON THE STRIP

AP Photo 

LAS VEGAS (AP) — There were missteps and mistakes, and a master class in how not to handle customer relations. But by the time Justin Bieber waved the checkered flag on Formula One's return to Las Vegas, the $500 million Sin City gamble had hit the jackpot.

F1 and owner Liberty Media hosted an electrifying event Saturday night that turned out to be both one of the best races of the season and a glitzy international spectacle that can only be pulled off in Las Vegas.

It was like a show with poor reviews that suddenly becomes an overnight hit.

Max Verstappen trashed the race every chance he got, but the LVGP delivered for the eventual winner and he was singing “Viva Las Vegas!” as he won for the 18th time this season. He was an instant Las Vegas convert.

Verstappen said he'd have to analyze the rest of the season before declaring Saturday night the best race of the year, but smiled and said: "It was a fun race. I enjoyed it."

Red Bull teammate Sergio Perez even suggested Las Vegas should be F1's season finale.

Saturday, 18 November 2023

F1 TRIES TO RECOVER FROM EMBARRASSING FIRST DAY OF LAS VEGAS GRAND PRIX

AP Photo 

LAS VEGAS (AP) — Formula One is hoping to turn its luck around on the Strip, like so many other Las Vegas visitors who blow a big bankroll on arrival.

The elite global motorsports series placed a $500 million gamble on a new event in Sin City promoted for the first time by F1 and owner Liberty Media. But it now must recover after an opening-night debacle in which the first practice was ruined just nine minutes in when Carlos Sainz Jr. ran over a water valve cover on the temporary street course.

“Judge us by what happens when the checkered flag falls on Saturday," asked Williams team principal James Vowles.

When Sainz bottomed out on the drainage valve minutes into Thursday night's first practice, it caused extensive damage to the underbody of his Ferrari and Sainz said the piece broke through far enough to damage his seat. F1 then closed the course to inspect the entire 3.85-mile (6.2 kilometer) circuit that utilizes a long portion of the Strip.

Monday, 9 October 2023

FIA BOSS SULAYEM WANTS MORE F1 TEAMS AND FEWER RACES

Reuters 

Formula One needs more teams and fewer races and should welcome Michael Andretti's entry bid as good for business and the spirit of the sport, according to FIA President Mohammed Ben Sulayem.

The Emirati told Reuters at the Qatar Grand Prix he was optimistic the American's planned 11th team with General Motors' Cadillac brand would make it to the starting grid despite opposition from existing competitors.

The governing FIA announced last week it had approved Andretti's application and sent it on to Liberty Media-owned Formula One Management (FOM) for commercial discussions.

Those detailed talks could take some time.

Friday, 6 October 2023

LEWIS HAMILTON SUPPORTS ANDRETTI'S BID TO JOIN F1 GRID

AFP

LOSAIL, Qatar -- Lewis Hamilton believes Formula One should embrace Andretti's proposed entry to the sport as an 11th team due to the opportunities it would create and the added excitement it would bring to racing.

This week the sport's governing body, the FIA, formally approved Andretti's bid to join the F1 grid in future, although the American team still needs approval from F1's commercial rights holder Liberty Media to actually secure a spot.

That may be tricky, with several teams opposed to the idea -- on Thursday, Aston Martin boss Lawrence Stroll said F1 would be better off sticking with the existing 10.

Asked about the issue ahead of the Qatar Grand Prix, Hamilton disagreed.

Thursday, 17 August 2023

EXCLUSIVE: MOTOR RACING-MASSA'S LAWYERS SEEK COMPENSATION FOR LOST 2008 F1 TITLE

Reuters 

Lawyers for former Ferrari driver Felipe Massa have started legal action against Formula One bosses and the governing FIA seeking substantial damages resulting from an alleged 'conspiracy' that denied him the 2008 championship.

The Letter Before Claim said the Brazilian, now 42, was robbed of the title through actions at the highest level that cost him tens of millions of euros in lost earnings and bonuses.

It said Massa had instructed lawyers in Britain, Brazil, the United States, Switzerland and France.

A Letter Before Claim is a required formal legal notice before court proceedings can be initiated.

There was no immediate response from the FIA and Formula One to a Reuters request for comment. Formula One is currently on an August shutdown.

Thursday, 24 May 2018

F1: 'WOMEN ARE THE MOST BEAUTIFUL THING IN THE WORLD' SAYS LEWIS HAMILTON WITH SEBASTIAN VETTEL AGREEING



Liberty Media's decision to scrap 'grid girls' is still a hot topic and majority think they should be around during Formula One races and Lewis Hamilton is one of them...

Friday, 26 January 2018

F1: SAUBER AND FORCE INDIA WITHDRAW EU COMPLAINT AGAINST FORMULA ONE


A joint statement issued on Thursday said the two teams had been "encouraged" by he leadership if the new F1 owners or management group if you will...

Friday, 15 December 2017

Friday, 3 November 2017

Saturday, 21 October 2017

F1: IN-HOUSE LIVE STREAMING COMING NEXT SEASON


Liberty Media are trying  to gear-up next season with a more detailed viewership experience by introducing in-house live streaming...

Wednesday, 7 September 2016

F1: ECCLESTONE ASKED TO STAY AFTER TAKEOVER


Bernie Eccleston said he has been asked to stay and run the show after Liberty Media's takeover of Formula One is complete...Liberty Media which is owned by John C. Malone has asked Ecclestone to stay for at least 3 more years...

John Malone
Liberty Media is set to buy Formula One for 6.4 million pounds..."They want me to be here for three years", said Eccleston while telling Reuters  

Monday, 5 September 2016

F1: FORMULA ONE TAKEOVER COULD SPELL AN END OF AN ERA FOR ECCLESTONE


Bernie Ecclestone's era is about to shut down and in the words of Eddie Jordan, a former owner turned pundit, that Ecclestone will be out come Singapore GP...The issue is that Liberty Media from USA wants to but a controling stake of Formula One...They want 35.5% stake that is owned by CVC Media and now the two are about to reach a deal...The deal is worth $8.5 billion and may be concluded in a few weeks...Apart from CVC Media's 35.5% stake, US Fund manager Weddell & Reed has 20.9%, Ecclestone has 5.3% and his Bambino turst venture holds 8.5%...When asked about being ousted he said "Bullshit"...Ecclestone buit an empire out of F1 and made it what it is today and it wont be easy negotiating past him...Lets wait and see what will happen in the near future