The Formula One Group is owned on the commercial side by Robert R Bennett-led Liberty Media Corporation. The American mass media firm, which bought the commercial rights to F1 in 2017 for a reported $4.6 billion (₹42,600 crore), controls F1's business activities. Meanwhile, the Fédération Internationale de l'Automobile (FIA) oversees F1's technical and sporting regulations, safety, and governance.