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

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.

“Founding Liberty Media and serving as its Chairman has been among the most rewarding experiences of my professional life,” Malone said.

“With the successful simplification of our portfolio in recent years and our operating businesses in positions of strength, I believe it is an appropriate time to step back from certain of my obligations, and I am very pleased to have Dob Bennett, my partner and colleague of 35 years, stepping into the Chairman role.

He has finally added: “Dob has been involved in all key decisions throughout Liberty Media’s history, and I am confident that Liberty is well-positioned for the future. I look forward to remaining actively engaged as a large Liberty shareholder and a strategic advisor to our management and Board.”

Dob Bennett, Vice Chairman of Liberty Media, added: “I want to thank John for more than three decades of partnership and mentorship. His legacy as a visionary business leader is without parallel and I am deeply grateful for his confidence. I speak for the entire Board in thanking John for his extraordinary leadership as our Chairman and for his continuing engagement as Chairman Emeritus.”

Finally, Derek Chang, President and CEO of Liberty Media, concluded: “I share Dob’s respect and appreciation for the privilege of working with John over the years and for the platform he built in Liberty.

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.

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