Greg Maffei steps down as CEO of Liberty Media, the company that owns F1

Greg Maffei is stepping down as president and chief executive of Liberty Media, company that owns Formula 1.

Liberty Media said in a statement Wednesday that Maffei would leave his role when his contract expires at end of year and become an visor. company's 83-year-old chairman John Malone will be interim CEO.

“While it’s never easy to leave an organization as dynamic as Liberty, I am confident that this is right time,” Maffei, 64, said in a statement.

He was a leing figure in takeover of F1 in 2017 from long-time rights holder Bernie Ecclestone. At time, Maffei predicted “an enormous opportunity to grow sport.”

years since n have seen a boom in interest in F1, in part driven by success of Netflix series “Drive To Survive”. That's particularly true in United States, which now hosts three races a year. Las Vegas Grand Prix is next week.

Liberty Media said in August that it was under investigation by U.S. Department of Justice over denying Andretti Global's bid to become F1's 11th team. Maffei said at time that company is open to new entrants applying, and potentially being approved, if certain requirements are met.

Liberty Media also expanded into motorcycle racing in April when it agreed a deal worth around $4.5 billion for MotoGP series.