Derek Chang has been named as president and chief executive officer of Liberty Media, the company which holds the commercial rights to Formula 1.

His appointment comes after Maffei announced he would not look to renew his contract, which ended at the end of 2024.

He had been in the position for 19 years and played a key role in the transformation of the F1 business since Liberty acquired it in 2017.

Maffei’s exit coincided with changes to the Liberty Media business, with a number of elements spun off reducing the scope the role offered.

It also came as pressure mounted regarding the United States Department of Justice investigation into potential anticompetitive behaviour off the back of F1’s rejection of Andretti.

Shortly after Maffei’s departure was announced, it was confirmed the Andretti project – albeit with a different name – had been admitted entry.

Chang joins Liberty Media as it works to satisfy concerns held by the European Commission over its proposed acquisition of MotoGP.

It was hoped that transaction would complete before ethe end of 2024, with Liberty having had to pay a $210 million penalty to extend the deadline through to the middle of 2025.

Chang will start in his role on February 1 with Liberty founder John Malone continuing to hold the CEO position on an interim basis until then.

Chang brings with him experience as executive chairman of EverPass Media, which worked with the NFL and RedBird Capital Partners to distribute sports content into commercial establishments.

Prior to that he was CEO of NBA China and has held positions in television.

“I am thrilled to welcome Derek as the CEO of Liberty Media,” said Malone.

“His expertise in both operating and investment roles, extensive understanding of our industries and familiarity with Liberty make him the ideal leader for Liberty’s next chapter.

“Personally, I have worked with Derek for over 25 years and am consistently impressed by his leadership style, breadth of expertise and global perspective.

“I look forward to supporting him and the Liberty management team as they continue to drive shareholder value.”

“Our current focus is clear: optimizing the portfolio structure with the split-off of Liberty Live and supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue their momentum and invest for the future,” noted Chang..

“Looking further, Liberty has always been long-term minded in its investment mandate yet nimble to move quickly on new opportunities.

“Both of these things will remain true in our strategy going forward.”