Newly-appointed Formula 1 CEO Chase Carey has set his sights on expanding race weekend events and turning each race into its own Super Bowl-style event.
Carey was appointed F1 chairman back in September before becoming CEO on Monday following the completion of Liberty Media’s takeover of the series.
Long-standing CEO Bernie Ecclestone resigned from his role to make way for Carey, who will run F1 alongside commercial chief Sean Bratches and ex-Ferrari and Benetton technical boss Ross Brawn.
Carey confirmed on Tuesday that the decision to change F1’s management structure was sparked by Liberty’s belief that the series had not reached its full growth potential in recent years.
Speaking on CNBC’s Squawk Box, Carey identified sponsorship as being a key area where F1 could grow quickly, as well as stressing the need to increase the show surrounding race weekends, drawing a comparison to the Super Bowl.
“The one that grows the fastest is sponsorship,” Carey said when asked about revenue streams.
“Right now we have a one-man sponsorship [team]. There are many categories we’re not selling into. We have signage we’re not selling. We need to execute on that.
“The opportunity in the event side is to make our events bigger, broader. We have 21 events… we need 21 Super Bowls.
“Realistically, they should be weeklong extravaganzas with music and activity, not just at the track. Over time the goal is to grow that dimension.”
Carey also wants to harness the popularity and global awareness of F1’s star drivers, identifying Lewis Hamilton and Max Verstappen as two of the sport’s top names that need to be more accessible to fans.
“We have great stars. Lewis Hamilton, Max Verstappen, an 18-year-old who broke out,” Carey said.
“We have wonderful stars, incredible cars. We have to create the vehicles to allow the fans to connect to them.”
Liberty’s arrival as F1’s new owner has led to much speculation that it is set to expand the sport’s presence in the United States, a market that has traditionally proven difficult to crack.
Currently there is just one annual grand prix held in the United States, taking place at Circuit of The Americas in Austin, Texas, but Carey wants to bring F1 to some of America’s biggest cities.
“The U.S. is a real opportunity for us. There’s real upside for us in the U.S. market,” Carey said.
“We want destination cities: Miami, Los Angeles, New York, Las Vegas. That way, people would come to for a weeklong event.”