Kyle Grieve and Shawn O’Malley analyze Formula One Group, a business that commands nearly a billion global fans, generates billions in revenue from only 24 live events, and boasts free cash flow margins nearly any business would envy. They’ll trace the company’s growth history, untangle its complex capital structure, and assess its current debt situation.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro (00:01:13) How F1 generates billions of dollars from 24 live events (00:02:39) Why most sports franchises fail to produce cash flow (00:04:31) How Liberty got away from the tracking stock structure to simplify things (00:15:33) How the Concorde agreements pose risk (00:20:31) The debt structure Liberty built to help build sustainable cash flow (00:34:49) Details of F1 Group’s other surprising racing league (00:42:22) How Netflix’s streaming coverage of F1 helped grow the sport (00:54:53) Why the business remains capital light (01:03:14) Valuation discussion of F1 Group (01:04:23) How cross-promotions and synergies create exciting new growth levers (01:09:51) Intrinsic value of F1 Group (01:11:36) Portfolio decision on F1 Group

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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• Track ⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠.
• Watch the video about the ⁠dealmakers behind F1’s success⁠.
• Watch ⁠how F1 impacts local communities⁠ with its events.
• Read the ⁠book on Formula One’s history⁠.
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