The Formula One Group is a group of companies responsible for the promotion of the FIA's Formula One World Championship, and the exercising of the sport's commercial rights.[1]
The Group was previously owned by Delta Topco, a Jersey-based company owned primarily by investment companies CVC Capital Partners, Waddell & Reed, and LBI Group, with the remaining ownership split between Bernie Ecclestone, other investment companies, and company directors. It was bought by Liberty Media in 2017.[2]
Ecclestone, a former Formula One team boss, spent 40 years as chief executive of the company after gaining control of the commercial rights. As of 2025, the group is run by Stefano Domenicali as president and chief executive officer. Chase Carey, who previously ran the group from 2017 to 2020, is non-executive chairman.[3]
History
In 1974, the Formula One Constructors' Association (FOCA) was founded in order to increase commercial organisation of Formula One for the benefit of the racing teams. In 1978, Bernie Ecclestone became the executive of FOCA, and fought the Fédération Internationale du Sport Automobile (FISA) for control of the commercial rights of F1. Disputes were settled by March 1981 when the Concorde Agreement gave FOCA the right to negotiate TV contracts. Under previous arrangements, TV contracts were risky and not very lucrative.[4]
When the second Concorde Agreement was agreed in 1987, Ecclestone ceased being a team owner and established Formula One Promotions and Administration (FOPA) to manage TV rights for the teams. FOPA would later become known as Formula One Management (FOM). FOPA received 49% of TV revenues: 1% went to the teams, and 50% to the FIA. FOPA also received all the fees paid by promoters and paid prize money to the teams. The third Concorde Agreement was signed in 1992.
When the fourth Concorde Agreement was signed in 1995, the FIA decided to grant the commercial rights of F1 to Formula One Administration (managed by FOM) for a 14-year period. In exchange, Ecclestone would provide an annual payment. With FOM having exclusive rights to popular team names like McLaren, Williams, and Tyrrell, the aforementioned teams protested by rejecting the following Concorde Agreement in 1997. A compromise was reached and a new Concorde Agreement was signed by all teams in 1998.
McLaren, Williams, Ferrari and
Group companies
The Formula One Group was controlled by its shareholders through the Delta Topco holding company,[36][37] which through a number of holding companies registered in the United Kingdom, Jersey and Luxembourg controls the SLEC Holdings company, the Formula One Group's immediate owner.[38] The Formula One Group comprises several subsidiary companies which control the various rights, management, and licensing operations of the Formula One World Championship.[39]
The commercial rights of Formula One are controlled by Formula One World Championship Limited (FOWC), which received the rights to Formula One for a period of 100 years from the FIA.[38][40]
References
- Merger Procedure Article 6(1)(b) Decision European Commission, 20 March 2006, retrieved 20 February 2011^
- Bernie Ecclestone removed as Liberty Media completes $8bn takeover BBC Sport, 23 January 2017, retrieved 23 January 2017^
- Senior Management corp.formula1.com, January 2021, retrieved 2021-01-08