Domenicali was appointed as chairman and chief executive officer in 2021 and has played a key role in the growth of F1 under Liberty Media’s ownership.

“I am honoured to continue to lead this incredible sport, which I love and has been part of my life since my childhood and grateful to the Liberty Media team for their trust,” said Domenicali.

“Together, with all the relevant F1 stakeholders, we will continue to serve the best interest of our fans, as they are the heartbeat of everything we do.

“The passion, the energy and the adrenaline are the fuel that powers me every day to give my absolute best to Formula 1.”

Domenicali’s renewal is a positive move for the organisation, offering stability during an important period for both F1 and Liberty.

At F1 level, the sport is in the final throes of negotiations over the next iteration of the all-important Concorde Agreement, the all important document which governs the commercial side of the sport.

There are also a number of key broadcast agreements up for renewal, including in the United States, which arrive as streaming services increasing presence in live events begins to transform the market.

Meanwhile, there has been significant change at Liberty with a host of businesses spun off.

That coincided with the arrival of Derek Chang as CEO, replacing Greg Maffei who’d been in the position for 18 years.

“Stefano has been an excellent steward of the business, building on its successful foundation and accelerating Formula 1’s rate of growth both commercially and in fan engagement,” Chang said of Domenicali’s renewal.

“His energy and enthusiasm for the sport translate into highly effective strategy and results. On behalf of Liberty, we are thankful for his partnership and incredibly optimistic about the continued success the F1 team can drive for the sport, our fans, partners and shareholders.”

Former F1 CEO, Chase Carey, has also returned to the Liberty Media fold as a board member.

Carey, together with Maffei, was instrumental in the acquisition of F1 from CVC Capital and Bernie Ecclestone in 2017.

Meanwhile, Liberty Media remains in something of a holding pattern as it awaits the verdict of the European Commission into its planned MotoGP buy-out.

That deal progressed to a Phase II investigation late last year, delaying any decision on whether the transaction will receive the necessary approval until May.