Formula 1 has announced that President and CEO, Stefano Domenicali, has extended his agreement with Liberty Media in a five-year renewal and will lead the business through 2029.

Stefano became President and CEO on 1st January 2021 and has been instrumental in driving the business to new levels of success and becoming the global sport it is today.

Formula 1 has seen incredible growth and increased interest and demand for its races around the world. It has continued to experience very strong momentum in fan growth and engagement alongside commercial success across all business areas including sponsorship, media rights and race promotion. The Formula 1 ecosystem has never been stronger for all stakeholders and the strategy to continuously innovate, create new ways to engage audiences and improve the experience for the fans.

The confirmation was, in fact, almost expected due to the results Formula 1 has achieved in the years following the pandemic.  This is a great way to celebrate the 60th birthday Domenicali will celebrate on May 11.

Now, there is just one final major goal left for him: to bring Formula 1 to Africa, the only continent still excluded from the championship, which currently touches Oceania, Asia, Europe, and North and South America. Rwanda has been suggested as a candidate (having hosted the FIA’s awards ceremony last season), after South Africa’s plans have slowed down.

photo: courtesy of Liberty Media