Technology and media company Motorsport Network has appointed former Liberty Media executive Yavor Efremov as its group chief executive.
Efremov, who also becomes a shareholder in Motorsport Network, joins the company having served as senior vice-president of corporate development at US mass media group Liberty Media. He was part of the team that identified Formula One as an investment opportunity and was instrumental in raising $1.55bn (€1.39bn) in equity capital and negotiating the sport’s acquisition from CVC Capital Partners.
Motorsport Network said Efremov’s appointment marks the third phase in the evolution of the business since 2015. In the initial phase, Motorsport Network pursued an aggressive growth strategy, identifying and establishing a digital media presence in the premium automotive and motorsport sectors.
In the past three years, the company has built out a digital ecosystem to cover 81 markets. While Motorsport Network said the development of the company’s platforms remains a focus for the business, Efremov will helm the next stage of its realisation of value with the capital markets.
Zak Brown, Motorsport Network’s chairman, said: “Having known Yavor for many years, it is a real milestone for us to be able to attract someone of his calibre to lead our organisation into its next phase. In my opinion, we could be in no better hands.”
Efremov will split his time between Motorsport Network’s US headquarters in Miami, and its EMEA headquarters in London. He will work closely with president of global operations, James Allen, and the company’s senior executive team.