Greg Maffei, the former president of Liberty Media credited with significantly raising the profile of Formula 1 since its acquisition by Liberty in 2017, is launching a new team-based horseracing league aimed at attracting younger sports fans and gamblers. The Horse Racing League (HRL) plans to debut in February and is seeking to raise $30 million ahead of its launch.
Maffei’s firm, BANN Ventures, which invests across sports, media, and entertainment sectors, is backing the new competition. Drawing parallels with Formula 1’s recent growth surge—particularly following the success of the 2019 Netflix docuseries *Drive to Survive* and the introduction of the Las Vegas Grand Prix—Maffei believes horseracing has untapped potential to engage wider audiences through modern storytelling and digital media. “Horseracing has all the thrilling elements: the heritage, the drama, the glamour and the star power,” he stated.
The HRL will consist of 10 teams, each comprising eight horses, trainers, and jockeys. Similar to Formula 1’s structure, each team will be managed by a team principal. A prominent industry player, Godolphin—the horseracing operation founded by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum—has agreed to purchase one of the teams for $6 million and may also contribute to the league’s fundraising efforts. Other founding team owners include WinStar Farm, a thoroughbred breeding operation owned by Excel Communications founder Kenny Troutt, as well as a consortium involving Florida Panthers owner Vinnie Viola, film producer Gary Barber, and asset management executive Chris Pucillo.
The HRL aims to capitalize on the sizable audience drawn by major horseracing events, targeting the approximately 24 million viewers who tune into the Kentucky Derby at its peak. The league intends to hold its initial races in the United States and plans to sell teams to celebrities and major brands as part of its growth strategy. The inaugural season will feature a prize pool exceeding $10 million.
To allocate horses among the teams, HRL will purchase 80 horses and conduct an NFL-style draft. Revenue streams for the league are expected to come from sponsorships, betting, merchandise sales, hospitality, and media rights agreements. The initiative reflects a broader trend of applying entertainment and commercial strategies that have proven successful in other sports to horse racing, a sector with a long history but facing challenges in engaging new and younger audiences.