The outgoing CEO of Formula One’s owner, Liberty Media, does not think there is “any plan to sell” the racing series, saying it has a “great future.” Liberty announced on Wednesday that Greg Maffei, who has served as its CEO for 19 years, will step down from his role at the end of the year upon the expiration of his contract.

ENGLEWOOD, Colo. -- Greg Maffei is stepping down as president and chief executive of Liberty Media, the company that owns Formula 1. Liberty Media said Wednesday that Maffei would leave his role when his contract expires at the end of the year and become an adviser. The company's 83-year-old chairman, John Malone, will be the interim CEO.