Now, this is a massive corporate shift for the people holding the keys to the kingdom. As The Race reports, Liberty Media founder and ex-chairman John Malone has parted ways with his massive voting power in Formula 1's parent company.
Malone, the man who founded Liberty Media back in 1991, stepped down as chairman of the board in 2026. This comes nine years after his company officially bought Formula 1 for $4.6billion USD (or £3.4bn). Until early November 2026, he stood as the single most significant voting shareholder in Liberty Media. That status changed dramatically when Liberty Media bought up his 'high-vote' stock and swapped it for 'low-vote' shares, plunging his voting power from around 48% down to a mere 3%.
controlled a significant set of votes with a relatively low economic interest.
Here's the thing: Malone apparently received "a number of unsolicited offers from third parties" looking to get their hands on that high-vote stock. By stepping in, Liberty Media managed to block the transfer of that power to an outside party while simultaneously strengthening the voting leverage of existing shareholders—particularly regarding any potential future sale of Formula 1. Back in 2025, Malone spoke openly on the Opening Bid Unfiltered finance podcast about the championship's economic structure, noting that the board would happily entertain a buy-out if someone stepped up with an offer the board deemed too good to refuse, even mentioning the Saudi Arabian Public Investment Fund (PIF) among past suitors.
Liberty Media president and CEO Derek Chang addressed the move during the company's Q3 earnings call, pointing out that Malone previously "controlled a significant set of votes with a relatively low economic interest." According to Chang, buying back those shares ultimately "helps us effectively control our own destiny forward."
Despite all the corporate maneuvering, there is zero indication that a sale of Formula 1 is actively on the table in 2026. Chang emphasized that the primary focus remains entirely on growing and investing in their existing businesses. Meanwhile, the numbers behind the sport remain staggering: Formula 1's net worth sits at nearly $28bn as of November 2026, and Forbes valued the average F1 team at $3.6bn in 2025. And if that wasn't enough empire-building, Liberty Media also wrapped up a deal in 2025 to acquire an 84% stake in Dorna, the commercial rights holder of MotoGP, for roughly $3.3bn or €3.02bn.
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