Formula 1 (F1) racing officially started in 1950. The sport has a rich history, but it soared to new heights when it was acquired by Liberty Media in 2016 for $4.6 billion. The media giant placed a heavy focus on fan engagement, expanding the racing calendar, and attracting big-name sponsors.

F1 generated a record amount of revenue in 2023, but the 2024 season will feature a record number of races, which should drive the sport's financial results to new heights. Investors can buy a stake in F1 through Liberty Media Formula One (NASDAQ: FWON.A)(OTC: FWON.B)(NASDAQ: FWON.K) stock. Here's why that could be a fantastic move.

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Source Fool.com