Formula One have announced a major power play by tying down chief executive Stefano Domenicali to a new long-term contract. The 59-year-old supremo assumed the position of CEO in January 2021 and has overseen a huge expansion into the United States, with new races in Miami and Las Vegas extending the calendar to a record 24 races in 2024. While FIA president Mohammed Ben Sulayem has been criticised by drivers and team bosses, Domenicali remains a popular member of the paddock and that is reflected in his new five-year deal, which will last until 2029.

In a statement, F1 Media said Domenicali had been 'instrumental' in the growth of motorsport's crown jewel. It read: "Formula 1 has announced that President and CEO, Stefano Domenicali, has extended his agreement with Liberty Media in a five-year renewal and will lead the business through 2029. Stefano became President and CEO on 1st January 2021 and has been instrumental in driving the business to new levels of success and becoming the global sport it is today.

"Formula 1 has seen incredible growth and increased interest and demand for its races around the world. It has continued to experience very strong momentum in fan growth and engagement alongside commercial success across all business areas including sponsorship, media rights and race promotion.

"The Formula 1 ecosystem has never been stronger for all stakeholders and the strategy to continuously innovate, create new ways to engage audiences and improve offerings for the fans will propel the sport’s success into the future."

The announcement will be regarded as a huge political positive for F1 on the eve of the new season beginning at the Australian Grand Prix. Domenicali's future had looked uncertain while Liberty Media, the parent company that acquired F1 in a takeover from Bernie Ecclestone in 2017, explored selling their majority shares.

He had replaced American businessman Chase Carey in the role, while Liberty chief Greg Maffei 'moved out' of F1 months ago following an internal power struggle, according to the Daily Mail. However, Liberty's CEO and president Derek Chang insisted they were delighted to keep the Italian in power.

“We are thrilled to renew Stefano and look forward to his leadership alongside the talented management of Formula 1 for the years ahead. Stefano has been an excellent steward of the business, building on its successful foundation and accelerating Formula 1’s rate of growth both commercially and in fan engagement," he said.

"His energy and enthusiasm for the sport translate into highly effective strategy and results. On behalf of Liberty, we are thankful for his partnership and incredibly optimistic about the continued success the F1 team can drive for the sport, our fans, partners and shareholders.”

Domenicali began his career at Ferrari in 1991, where he held several roles before taking over as the Scuderia's team principal in 2008. After a lengthy spell at the helm, he left to join Audi in 2014 and moved on to become chief executive of Lamborghini. But after a five-year spell with the Italian sportscar manufacturer, he returned to F1 four years ago and is widely regarded as one of the sport's most influential figures.