Formula 1’s new chairman Chase Carey had a productive weekend in Singapore, familiarising himself with what a grand prix is all about, while meeting key people ion the Formula 1 paddock and emerged keen to take the spectacle to major cities in the USA.
Speaking to media, Carey said, “It is too early to have a clear plan, but we clearly will have a plan to develop America, to be in the right market.”
“There is a big untapped audience in the US. I don’t want to criticise the efforts in the past, because I don’t know the efforts in the past.”
“Formula 1 is a great premium brand and that means to me that you want to be at a location like Los Angeles, New York or Miami. Ideally in the great cities in the world.”
Chase said another of his targets was to “widen the core television experience to today’s needs” and added “I believe that a good digital product makes the television product more rewarding.
“Marketing the sport, in telling the story of the stars and heroes and the incredible machines. Then strengthen it geographically. So there is not ‘the cash cow’, but there is growth possibility in every area.”
Carey also allayed fears of a cash grab of the sport, “Of course, profits are important — but realistically the primary goal of the business that I have been in has always been to build long-term value.”
“So the goal is not what can be achieved in the next 12 months, but where you are going to be in three to five years.
“Liberty, to its credit, has a history as a long-term shareholder. They are supportive and they know their business, as they have been in the media and entertainment space.”
“It sure is not ‘take the money’ with a focus on how to get the profits up in the next 12 months – it’s about how to build long-term value.”
“So the focus will be investing and building over time. That is the mindset that we bring and hopefully it will enable us to bring Formula One to the next level,” declared Carey
Content on GrandPrix247.com by: staff & contributors, Reuters, AFP, GMM, Getty, Formula 1 teams, sponsors & organisations.
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