Formula 1 has announced that President and CEO, Stefano Domenicali, has extended his agreement with Liberty Media in a five-year renewal and will lead the business through 2029.

Domenicali became President and CEO on 1st January 2021 and, according to today's press release, "has been instrumental in driving the business to new levels of success and becoming the global sport it is today".

Of course, some fans may well feel that the former Ferrari boss has indeed been instrumental in driving the sport to new levels, but not in the direction they had hoped for.

"The sport has seen incredible growth and increased interest and demand for its races around the world," according to the release. "It has continued to experience very strong momentum in fan growth and engagement alongside commercial success across all business areas including sponsorship, media rights and race promotion. The Formula 1 ecosystem has never been stronger for all stakeholders and the strategy to continuously innovate, create new ways to engage audiences and improve offerings for the fans will propel the sport's success into the future."

"We are thrilled to renew Stefano and look forward to his leadership alongside the talented management of Formula 1 for the years ahead," said Derek Chang, President and CEO of Liberty Media. "Stefano has been an excellent steward of the business, building on its successful foundation and accelerating Formula 1's rate of growth both commercially and in fan engagement.

"His energy and enthusiasm for the sport translate into highly effective strategy and results. On behalf of Liberty, we are thankful for his partnership and incredibly optimistic about the continued success the F1 team can drive for the sport, our fans, partners and shareholders."

"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," added Domenicali. "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 1."

Before joining Formula 1, Domenicali began his professional career at Ferrari in 1991, where he held various positions, increasing his responsibility until he became the Team Principal in 2008. In 2014 he joined Audi AG as Vice President of New Business Initiatives and was then appointed Chairman and Chief Executive Officer of Automobili Lamborghini in 2016. During his time at Lamborghini he successfully grew the brand in major global markets and across platforms, producing strong financial results.