'Liberty Media sets up separate company to raise millions'

23-01-2021 08:38 | Updated: 23-01-2021 10:46
by GPblog.com
F1 News
'Liberty Media sets up separate company to raise millions'

Liberty Media hopes to add new activities to its portfolio, but for this it must first raise a share issue of around 500 million.

New company founded

Motorsport.com reported this on Saturday. A separate company has been created to raise money called Liberty Media Acquisition Corporation, or LMAC. The new company will be led by Greg Maffei, the CEO of Liberty Media.

Although it seems that this does not have much to do with Formula 1, things are different. LMAC will be legally linked to the Formula One Group and therefore the money raised might have a connection with Formula One activities.

Change of administration

Since 2017, the Formula One Group has been led by Chase Carey, Ross Brawn and Sean Bratches. From 2021, Stefano Domenicali will be the new CEO, taking over Carey's role.

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