The outgoing CEO of Formula One’s owner, Liberty Media, does not think there is “any plan to sell” the racing series, saying it has a “great future.” Liberty announced on Wednesday that Greg Maffei, who has served as its CEO for 19 years, will step down from his role at the end of the year upon the expiration of his contract.

Liberty Media said it plans to spin off most of its entertainment assets besides Formula One into a separate, publicly traded entity, and announced that CEO Greg Maffei is stepping down.

Formula One-owner Liberty Media will sharpen its focus on its motorsports businesses by spinning off most of its other assets and said Chairman John Malone would become the interim CEO when its long-time top boss steps down at the end of 2024.