Liberty Media won't sell the rights: 'We are excited'

Formula 1's commercial rights holder Liberty Media has no plans to sell the rights, chairman and CEO Greg Maffei has said, believing that Liberty still sees opportunities to increase revenues from Formula 1.

"We are very enthused about where Formula 1 is now but [also] where it’s going as well. You look at the big revenue streams there, all have good direction." Maffei told the Moffett Nathanson Media and Communications Summit conference.

The US businessman also made statements about sponsorship in Formula 1. "We’ve opened up the number of global sponsors. I think we’ve gone from five to 12 of our biggest sponsor types." Maffei said.

It was recently revealed that the new commercial commitment between Liberty Media and FIA was already on the table.