Motorsport Network chief executive Oliver Ciesla has left following the company’s takeover by private equity firm GMF Capital.
Confirmed:
- Ciesla served as chief executive for just over two years
- Currently no news on who is set to replace the German
Context: The former WRC Promoter chief executive had been with Motorsport Network since 2020, initially serving as a consultant before a six-month stint as chief operating officer.
Comment: Ciesla said: “Being part of the history and development of Motorsport Network has been a lasting and valuable experience. I am grateful for this and for the many great people I have met here. After completion of the restructuring at group level and with a new shareholder in the media business, the course has been set for further growth.”
Consequence: Motorsport Network’s new owners GMF Capital have a majority stake in the company, with the option to purchase the remaining minority stake at a later date. With a focus on the increasing popularity of motorsport, GMF Capital is looking to put its own stamp on the company moving forwards as it tries to maximise its investment.