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Ferrari (NYSE:RACE) officially confirmed rumors that Mercedes driver Lewis Hamilton will join the Ferrari race team after the 2024 Formula 1 season.
Hamilton had been with Mercedes for more than 10 years, joining the German automaker in 2013. He is widely regarded as one of, if not the best Formula 1 drivers of all time. Lewis has more than 100 wins under his belt, in addition to seven championships. Hamilton, one of the sport's most popular drivers, joining Ferrari, one of the sport's most popular teams, could be great news for Liberty Media Corp (NADSAQ: FWONA) and Liberty Media Corp Series C (NASDAQ:FWONK), which own the rights to Formula 1.
Switch Up: Currently, Ferrari’s top drivers are Charles Leclerc and Carlos Sainz Jr. But, because Leclerc and Ferrari recently agreed to a contract extension, it’s more likely that Hamilton will replace Sainz than Leclerc.
“In terms of a team-driver pairing, our relationship with Lewis has become the most successful the sport has seen, and that’s something we can look back on with pride,” Mercedes-AMG Petronas Formula 1 Team CEO Toto Wolff said in a statement, per CNBC. “However, we knew our partnership would come to a natural end at some point, and that day has now come.”
Price Action: Ferrari’s stock was up 12.3% to $388.61 at the time of publication Thursday, as the company reported stronger-than-expected earnings before the open. In addition to the Hamilton news, investors seemed pleased with the company’s growth numbers and revenue guidance for 2024.
Rumor Mill: Sports business reporter Darren Rovell tweeted that Celsius Holdings (NASDAQ:CELH) may step in as a sponsor for Hamilton and Ferrari. That deal is unconfirmed.
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