Volkswacht Bodensee - Drivers welcome Domenicali continuing as F1 chief until 2029

The Italian assumed the role in 2021 and has been instrumental in driving a strong period of growth for the business, with increased fan interest and demand for races around the world.

He is the second Formula One Management chief appointed since Liberty Media took over as owner of the sport's commercial rights in 2017, after predecessor Chase Carey.

"We are thrilled to renew Stefano and look forward to his leadership alongside the talented management of Formula 1 for the years ahead," Derek Chang, president and chief executive of Liberty Media, said in a statement.

"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."

Former Ferrari team boss Domenicali said he was "honoured" to stay in the role.

"Together, with all the relevant F1 stakeholders, we will continue to serve the best interest of our fans as they are the heartbeat of everything we do," said the 59-year-old.

Seven-time world champion Hamilton was among leading drivers to welcome the news, which came on the eve of the season-opening Australian Grand Prix.

"It's great to see the audience grow, to see the sport move in the right direction," said Ferrari's Hamilton.

"Having Stefano just re-sign, thank God he's staying, it's good to have a neutral, good leader at the forefront of the helm."

Defending world champion Max Verstappen echoed his sentiments.

"It's great for Formula One. You know, he's first of all a great person, I get along very well with Stefan," said the Red Bull ace.

"So I'm very happy that he's staying around for a longer period of time."

K.Sutter--VB