Maffei said: “All the Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct ownership in their upside.

“The corporate structure is optimised, and the portfolio companies are in strong positions with talented executive teams in place. While it’s never easy to leave an organisation as dynamic as Liberty, I am confident that this is the right time.”

Malone said: “Since joining in 2005, Greg has been at the forefront of the exciting evolution in the lifecycle of Liberty.

“He has grown our asset base and made the company better and more valuable for shareholders, along the way overseeing as many as five separate public companies simultaneously.

“Especially following today’s transaction announcements, our company is simpler and more focused than ever before, which is a perfect capstone for Greg’s accomplished career at Liberty.”

Maffei is the fourth senior executive to leave Liberty Media since it acquired F1.

Chase Carey, who was made chairman and chief executive when Liberty took over, stepped down at the end of 2020 after securing a restructure of the sport, handing over to Domenicali.

Former Mercedes team boss Ross Brawn, appointed managing director by Carey in 2017, left his role in 2022.

And the first commercial director Sean Bratches left in 2020. His biggest legacy was the establishment of the successful Netflix documentary series Drive to Survive, which is credited with a major role in growing F1’s global popularity since Liberty took over.