"Liberty Formula One holds the exclusive global commercial rights to promote and monetize Formula One racing. Formula One Group (NASDAQ:FWONK) is a unique, asset-light business with tremendous global appeal, commanding over 430 million unique viewers in a given race year. Liberty purchased Formula One in 2017. We have invested alongside Liberty for years in other ventures and have the utmost confidence in their ability to allocate capital as well as maximize the value of their operating assets; and following many years of under-management by the previous owner at Formula One, we see plenty of value to be realized. For example, Formula One significantly lags other major sports leagues in metrics like average revenue generated per fan and has many different ways to close the gap, such as enhanced media rights and expanded sponsorship and promotion opportunities, among others."