Stefano Domenicali signs five-year deal to remain as Formula One CEO

MELBOURNE - Formula One boss Stefano Domenicali has signed a new five-year contract renewal on the eve of the season-opening Australian Grand Prix, reported PA Media/dpa.

The 59-year-old Italian’s deal will run until 2029, and was announced just 24 hours before the first track action of the new campaign at Melbourne’s Albert Park.

Domenicali replaced American Carey, who took charge of F1 in 2017 after the sport’s long-term ruler Bernie Ecclestone was deposed. - AFP file photo

Domenicali succeeded Chase Carey as F1 CEO in 2021 and is viewed by its American owners, Liberty Media, as the right man to continue to lead the sport.

A statement from F1 read: "Stefano has been instrumental in driving the business to new levels of success and becoming the global sport it is today.”

Domenicali, who was team principal at Ferrari between 2008 and 2014 before becoming chief executive of Lamborghini in 2016, said: "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.

"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 One.”

Domenicali replaced American Carey, who took charge of F1 in 2017 after the sport’s long-term ruler Bernie Ecclestone was deposed.

Following Greg Maffei’s departure as Liberty CEO last year, Carey returned to the board in January. - BERNAMA-PA MEDIA/dpa