New F1 Chairman Chase Carey Promises Improved Product

A view of the Formula One flag and FIA flag before practice for the United States Grand Prix. Mandatory Credit: Jerome Miron-USA TODAY Sports
A view of the Formula One flag and FIA flag before practice for the United States Grand Prix. Mandatory Credit: Jerome Miron-USA TODAY Sports /

After a whopping $8 billion purchase of Formula 1, new chairman Chase Carey thinks the changing of the guard will represent the best development the sport has ever seen for fans and teams alike.

Speaking after the announcement of the conglomerate’s purchase of F1’s parent company Delta Topco, newly appointed league chairman Chase Carey said the group have plans to take the sport “to the next level.”

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Carey played an instrumental role in the launching and development of Fox Sports’ TV channel when he served as the company’s chief executive in 1994. He’s most recently served as the executive vice-chairman of 21st Century Fox.

Now he’ll be working alongside supremo Bernie Ecclestone, who remains as CEO of F1 following the acquisition.

“I’m very excited to be joining this team and the potential ahead,” Carey said. “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?” Carey continued. “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.”

Liberty Media, a company owned solely by entrepreneur John Malone, already boasts a healthy portfolio of various products, including Sirius Satellite Radio and the MLB’s Atlanta Braves. Carey said adding F1 to that portfolio offers the company an “incredibly low-risk” business model due to its $9.3 billion of contracted revenue under long-term contracts that extend as far as 2026.

The only monies F1 sends out are those to the teams, which are completely based on the profits and revenues of the sport itself.

“We were particularly attracted to F1 by the diverse revenue drivers and low-risk business models,” he said. “There are essentially three core revenue buckets in the business: race promotion, broadcasting and advertising, and sponsorship – each with significant growth potential as we go forward.

“Formula One is a key player in the high-growth market for live, premium sports rights. There is an increasing demand from broadcasters, advertisers and sponsors who want access to F1’s mass global live audiences and attractive demographics.”

Currently, NBCSN is the American broadcaster for Formula 1.

Do you think Liberty Media’s acquisition will improve Formula 1?