Carey held the reins of F1 following Liberty Media’s acquisition of the business in January 2017.

He stepped back from the role in 2021 when Stefano Domenicali took over as president and CEO of the championship’s commercial rights holder.

Carey was also chairman of Formula 1 from 2016 to 2022.

“Chase has been an excellent partner to Liberty for many years, from our investment in DIRECTV in 2008 to Liberty’s purchase of Formula 1 in 2017 where his role as CEO was key to securing the acquisition.

“He was instrumental in building a successful foundation at F1 from which the business has grown materially,” said John Malone, Liberty Media Chairman.

“Chase’s knowledge and expertise across media, entertainment, sports, business and more will be valuable to the board as our companies execute on their next chapters of growth and value creation.”

“Liberty is at an exciting point in its storied evolution, with a more focused asset base centered around high-quality, premium sporting assets that I know well,” said Carey.

“I look forward to contributing to Liberty as a director in partnership with John, Liberty management and the portfolio company leadership teams.”

Formula 1 has continued to grow since Carey’s initial departure while there has been significant change at Liberty Media level.

The latter includes a restructuring of the operation, with a number of other interests spun off. It has left Liberty Media almost holding Formula 1 exclusively.

Another key change was the announcement of the pending departure of long-serving CEO Greg Maffei, who revealed that he would not continue in the role beyond the end of this season.

Maffei, an outspoken opponent of the Andretti F1 project, had been in the job for 19 years. He will be replaced by Liberty Media founder Malone on an interim basis.

Shortly after that announcement came news that Andretti – since rebranded Cadillac but otherwise an identical project to what was first pitched and rejected in January – had been accepted.

F1 share prices have soared in recent weeks off the back of the Maffei and Cadillac news, with the appointment of Carey well received in the paddock.