Recently-appointed Formula 1 chairman and CEO Chase Carey says that the series’ failure to grow to its full potential in recent years led to the decision to change its management structure, as announced on Monday.
Former CEO Bernie Ecclestone’s 40-year stint at the helm of the sport came to an end on Monday night when he tendered his resignation, moving aside for Carey to become CEO. Ecclestone has been given the role of ‘chairman emeritus’.
Carey’s arrival comes following the completion of Liberty Media’s acquisition of F1 in a deal worth more than $8 billion.
Liberty announced on Monday that Carey would be joined by ex-ESPN marketing chief Sean Bratches and former Ferrari and Benetton technical boss Ross Brawn, creating a triumvirate to run F1.
“We looked at the business, and felt over the past four to five years the business and sport had not grown to its full potential,” Carey told Sky Sports on Tuesday.
“We needed to put a new organization in place to be able to grow the sport in today’s world in the way it needs to grow, and in some ways work with the partners we have in the business to make sure we can make the sport everything it can and should be for its fans.
“Both Sean and Ross will have critically important roles in developing the sport overall. Ross brings decades-long experience of incredible success in the sport.
“From Ross’s perspective, what we want to do is make sure we make the sport on the track everything it can and should be; make it as exciting as possible for the fans, as energizing as it can be for its fans.
“It’s a great sport today. It’s got drivers that are iconic stars. It has cars that combine power and technology in a way that truly amazes people and a brand that has fans around the world.”