NEW YORK, May 22, 2026, 04:40 (EDT)
- FWONA finished Thursday at $82.31, slipping 0.64%. Shares held steady after hours.
- Nasdaq is open for regular trading on Friday. U.S. stock markets are set to close Monday for Memorial Day.
- Formula 1 kicks off its Canadian Grand Prix weekend in Montreal on Friday with the first Sprint weekend at this circuit.
Formula One Group FWONA shares stay under pressure going into Friday trade. Investors keep watching Liberty Media’s racing stock as attention turns to the Canadian Grand Prix and buzz around the sport.
FWONA closed Thursday at $82.31, off 0.64%. The shares fell 1.68% for the week, market data show. FWONA and FWONK are tracking stocks for Liberty Media’s Formula One business and related holdings rather than shares in a standalone company. A tracking stock is designed to reflect a specific business segment.
Formula 1 returns to Montreal this weekend, with Free Practice 1 and Sprint Qualifying set for May 22, then the Sprint and regular qualifying Saturday, and the 70-lap race closing things out on Sunday. It’s the first time Montreal hosts a Sprint weekend, Formula 1 said. That means another test of TV and fan draw for a sport built on the scarcity of live events.
Deal talk picked up near the paddock. Reuters said Thursday that ex-Red Bull Formula One chief Christian Horner is now working with Oakley Capital on premium sports deals and has surfaced as an adviser for options tied to Alpine and Chinese carmaker BYD’s potential F1 move. Horner said he was eager to “share my experience” with Oakley. Oakley founder Peter Dubens called out Horner’s “track record, expertise and commercial instinct.” Reuters
BYD hasn’t moved the stock by itself and there isn’t a deal. But it does get at a bigger worry for investors—Formula 1’s ability to keep bringing in manufacturers, sponsors, and media deals at high prices. FIA president Mohammed Ben Sulayem told Reuters, “If a team comes from China, we welcome them.” Reuters
Liberty’s latest numbers gave bulls a lift. Formula 1 revenue climbed to $617 million in the first quarter, up from $403 million a year ago, with three races this time versus two last year. Formula 1’s adjusted OIBDA, which tracks operating profit before depreciation and some other items, was $172 million, double the $85 million a year earlier. Formula 1 CEO Stefano Domenicali said momentum is strong, mentioning Apple in the U.S. and new Sky broadcast deals.
FWONA isn’t close to its all-time high. TradingView data had the shares well below the $99.52 peak set on Oct. 7, 2025, down 7.4% over the last year even though the company’s market cap stands at about $20.8 billion.
Analysts are divided. Some see a long-term asset shortage, others point to short-term costs and timing. Morgan Stanley named Liberty Formula One its top U.S. media and entertainment stock earlier this month. The pick puts it ahead of rivals like TKO and Disney. Katy Huberty at Morgan Stanley said sports and live events could deliver “superior monetization and pricing power.” Business Insider
Liberty faces a squeeze as costs mount and the new money isn’t in yet. The company said the 2026 Formula 1 calendar will likely see 22 races, down from 24 in 2025, after Bahrain and Saudi Arabia didn’t run in April. Fewer races can hit when revenue comes in and make year-on-year numbers hard to match. Reuters said a new team would be pricey—potentially billions—while any move involving BYD is still unofficial.
FWONA traded against a mixed background, with the Nasdaq Composite ending up 0.09% Thursday and the S&P 500 adding 0.17%. Oil prices and U.S.-Iran talks were also in focus for investors looking ahead to the long holiday weekend.
FWONA trades Friday with buyers watching a narrow test. The move is whether traders view the pullback as a spot to add exposure to one of the limited listed global motorsport names, or keep risk down ahead of a Monday market holiday and a packed race weekend likely to drive headlines more than numbers.
