The new owners of Formula one want to bring in a new U.S. street circuit and be more dogged and disciplined in negotiations to inject new life into the sport.
Chase Carey, the successor to Bernie Ecclestone who ran Formula One for more than forty years, has said that it will no longer be run as a one man show.
He said that less lucrative races in countries like Britain will have to prove they can become more profitable rather than the current system where they renegotiate hosting fees.
On Monday, Liberty Media, an international sports and entertainment business completed the takeover of F1 from investment fund CVC Capital Partners. Liberty Media are run by John Malone, its 75 year old tycoon boss.
Growth in the U.S.
One of the priorities for Liberty Media is to drive growth in America. Currently there is only one race in the U.S in Austin Texas. Carey feels that adding a street race will make the sport more popular stateside.
Liberty Media owns baseball’s Atlanta Braves and has invested in several TV cable companies.
According to Carey the sport has remained stuck in the past making events feel a little tired. He accused Ecclestone of not grasping the modern media landscape.
He said, “We would like to add a destination race in the U.S. in a location like New York, L.A., Miami, Las Vegas. We think we can create something that will be a really special event. Obviously the U.S. is all upsides for us. We haven’t invested in the way we need to build the U.S. market.”
Prioritising Profit before History
One of the criticisms of Ecclestone was that he chose wealthier venues rather than historic ones where the races are popular. Abu Dhabi, Bahrain, and Azerbaijan were preferred to countries such as Germany.
Carey went on to say he wanted to make the races bigger and better.