New F1 Chief Chase Carey Promises to make “Business” grow

His last role was as the executive vice-chairman for 21st Century Fox. Now, Chase Carey is the F1 chief with an 18th Century mustache. So, what’s the plan? 

In his opening statement, Chase announced,

I’m very excited to be joining this team and the potential ahead. Clearly Formula 1 has been an enormous success much to the credit of Bernie Ecclestone, who has led this business for decades. I look forward to working with him and we both agree there is an opportunity to continue to build this business and take it to the next level.

So what do we see as the opportunity? The opportunity is to grow and develop this sport for the benefit of the fans, teams, partners and our shareholders by increasing promotion and marketing of Formula 1 as a sport and brand.

Enhancing the distribution of content, especially in digital – currently a very small percentage of revenue. Evolving the race calendar. Establishing a broader range of commercial partnerships, including sponsorships. Leveraging Liberty’s expertise in live events and digital monetization to make our events bigger than ever.”

– Chase Carey

An emphasis on digitization is a good thing, as is developing the sport for the sake of “fans, teams, partners and shareholders.” Although, we think the order of that list should be reversed for the sake of clarity.  This is newspeak, business jargon. It’s a pitch. It remains to be seen whether Liberty Media will be successfully promoting and advertising a broken sport or a fixed one. One good thing that’s set to come from this is that teams will hopefully be franchised, therefore more able to focus all resources on racing, not business/staying afloat.