Formula One Group CEO Chase Carey says that Bernie Ecclestone, the man he replaced at the helm of the sport, hindered F1's growth in the final years of his reign.
Liberty Media acquired Formula 1 following a £6.4 billion takeover last year with the ambition of taking Grand Prix racing into the digital age and re-energizing its marketing.
CEO Carey, flanked by sporting manager Ross Brawn and commercial manager Sean Bratches, has not overseen many changes since taking command but is resolute on defining a long-term vision for F1.
"Day-to-day I find a level of frustration,' Carey said.
"It was very much a sport that got into a habit of saying "no" too much. I want to be saying "yes" to a whole lot more.
"What is the value of having an idea if the answer to everything you want to do is "no"? All it does is create frustration.
'There are an array of things that weren't done that needed to be done. We felt it was a sport that for the last five or six years had really not been managed to its full potential or taken advantage of what was here.
"Bernie's style was divide and conquer - to keep everything very close - but we want it to be a spirit of partnership in that we compete on the track.
"The teams, the promoters, Formula One and the FIA all have a shared vision of where we want the sport to go and building it in a way that is healthy for everybody."
While Carey underlined the need for change, he also advocated a cautious approach, supported by a diligent decision process.
"We care more about where the sport is going to be three years from now than three months from now. Bernie was always very focused on the short term, and our focus is on building long-term value.
"Some of the decisions that were made needed to have a better process to think through. The current engine, for example, ended up being too complicated, too expensive, and lost some of the sound that added to the mystique of the sport.
"We will do things and some things take time - you are not going to have a new engine in two months because if you tried to do that you are going to do more harm than good.
"We want to make sure we have the tools to manage the business as opposed to throwing things out there so somebody has a media story."