Formula 1 commercial boss Sean Bratches says areas of the sport are so under-developed that he feels like he's 'managing a start-up'.
Liberty Media's takeover of Grand Prix racing has ushered in a new era for the sport but also for F1 as a business following the end of the Bernie Ecclestone reign.
Although Bratches' commercial plans remain unclear for now, the US executive insists change is underway.
The previous management's complete disregard for several facets of the business - like the digital area - led to many neglected opportunities which must now be activated.
But Bratches also underlined the lack of commercial structure which prevailed during the Ecclestone era, when the former F1 supremo pretty much handled everything himself.
"The biggest surprise was there was no sponsorship team, there was no media rights team, there was no digital team, there was no research team and no research," says Bratches.
"So having an entity that is 67 years old, with a global brand, with over half a billion fans, with a rather enviable balance sheet, to have no commercial team was quite astonishing.
"I think that when you take a step back and look at the lay of the land in terms of how successful Formula 1's been without any focus on the commercial side – with this global brand, half a billion fans and doing well financially – think about the opportunity where you can bring in 21st century business practices and leadership.
"So in effect I really believe that I'm managing a start-up," adds Bratches.
"While there were a number of things that were done extremely well, there are a litany of opportunities that were laying fallow that are right to be exploited to better serve Formula 1 fans around the world and drive good business to not only Formula 1 but our broadcast partners, our sponsorship partners, promoters and fans."
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