Liberty admits US gov't Andretti F1 probe underway

Aug.15 (GMM) The CEO of Formula 1’s owner, Liberty Media, has confirmed the organisation is under investigation by the United States justice department.

In May, a group of US congress and senate members challenged F1’s decision to lock American racing entity Andretti-Cadillac out of the sport, admitting their “concerns with the apparent anti-competitive actions that could prevent two American companies … from producing and competing in Formula 1”.

In an earnings call, Liberty CEO Greg Maffei confirmed “that there is a Department of Justice investigation” now underway.

“We intend to fully cooperate with that investigation, including any related requests for information,” he is quoted as saying by the New York Times.

Maffei explained that Liberty still believes its decision did not violate “applicable US anti-trust laws”, and said he does not hold the view that more teams on the grid would necessarily be “wrong”.

“There is a methodology for expansion that requires approval of the FIA and the F1, and both groups have to find the criteria met,” he said.

“We’re certainly open to new entrants making applications and potentially being approved if those requirements are met.”