Carey responds to Ecclestone's 'overcharging promoters' claim

Formula One Group CEO Chase Carey has reacted to Bernie Ecclestone's comments about overcharging race promoters and his claim that Liberty Media is not focused on profits.

The former F1 supremo paid a visit to the F1 paddock last weekend in Bahrain, his first since his removal at the helm of the sport following its takeover by Liberty Media.

Ecclestone met with reporters on Friday and delivered his opinion on a variety of topics, among which was his fear that race promoters and governments which subsidize many races could pull out of their onerous contracts.

"The only thing that would be good for everyone would be if we could charge the promoters a lot less money. I charged them too much for what we provide," said the 86-year-old.

"Sooner or later I’m frightened that the governments behind them will say enough is enough, and bye-bye."

Questioned about Liberty's vision of the sport and the new ideas it hopes to introduce, Mr E explained the fundamental difference between himself and the sport's new owners in terms of management.

"I was running the company to try and make money for the shareholders. It doesn’t seem that’s the thing that’s driving them. He (Carey) wants to get more happy spectators I think,"said Ecclestone.

• Ecclestone 'just trying to help' F1's new owners

In an interview with the Financial Times, F1 CEO Chase Carey addressed Ecclestone's remarks, point by point.

"He managed for short-term profits, we are managing for long term value," Carey said.

"Many times to build value you will invest money at an early stage to increase value at a later stage.

Carey denied Ecclestone's claim that race promoters had been over-charged.

"These were agreements negotiated between two capable parties and if there is a definition of fair value it’s a deal that two capable parties agree on," he said

"These were agreements between two parties that valued the franchise how it was valued. Nobody was tricked.

"The (Ecclestone) comment on profits is very telling; is it about short term profits? No. We’ve been very clear; we think it’s about building long term value.

"Investing money does not mean we don’t care about profits," Carey concluded.

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