F1 News, Reports and Race Results

Carey sees F1 growth driven by 'quality and diversity'

Formula 1 CEO Chase Carey confirmed F1's plans to expand its schedule beyond 21 races in the future, with an emphasis on quality and diversity.

For the first time since it took over the reins of the sport at the end of 2016, Liberty media has added a new venue to the calendar, with a race set to take place on the streets of Hanoi in 2020.

Moving forward, Carey plans on capitalizing on the healthy interest expressed by potential promoters spread across the globe as F1 seeks to expand its race calendar in the future.

A move that will also entice Liberty Media to drop "unattractive" races negotiated during the Ecclestone era and replace them with new deals more profitable for the sport's commercial rights holder, a direction that one assumes could put in jeopardy classic events such as the British GP at Silverstone or the Italian GP at Monza.

"We believe there is still potential growth, significant growth, in the promotion segment, during the next few years," Carey said in a conference call with Liberty Media investors.

"The growth will be driven by three factors. First, we expect to expand our calendar beyond our current 21-race schedule. The expansion will be modest, but we have been excited by the number, quality and diversity of new locations interested in hosting a race.

"We are on the right side of the quality of races or fees. Every race needs to be great for fans, and be an attractive business proposition."

"The race we announced in Vietnam last week is a prime example of an event that will provide a great track for racing in a location that captures the world's imagination.

"Second, we expect to replace a few existing races where we inherited unattractive agreements, with new events or agreements, that are better for racing and provide more value.

"Third, there is significant long-term value in our higher-end hospitality experience.

"Major events today increasingly rely on those customers willing and able to pay for unique and tailored experiences, both in the corporate and retail end."

Beyond boosting its presence around the world, F1 is also focused on improving its overall platform in order to offer more value for money to promoters, something that clearly wasn't a priority during the Ecclestone era insists Grand Prix racing's chief.

"The promotion end of our business has been viewed as more mature than other revenue streams in Formula One," added Carey.

"This perception was fueled by a lack of investment or freshness by the prior regime in our events.

"Quite simply our events became stale, which led promoters to focus on costs as opposed to growth. Events today are more valuable than ever, and we have a world-class premium event.

"We need to focus on maximising the value of our events, and communicating that to host locations.

"We're encouraged that the message is getting through to both existing and potential new host cities."

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.

Recent Posts

Norris labels McLaren long-run pace ‘shocking’ in chilly Vegas

Lando Norris didn’t hold back in his assessment of McLaren’s performance on the opening day…

17 mins ago

Hamilton delighted with ‘consistently strong day’ in Vegas

Lewis Hamilton was particularly happy with his opening day of running at the Las Vegas…

2 hours ago

Verstappen stuck with 'draggy' rear wing for Vegas

Red Bull fears that its prospects for this weekend's Las Vegas Grand Prix - which…

2 hours ago

Ferrari and Mercedes admit to plank changes based on FIA’s TD

Ferrari and Mercedes have both modified their car’s floor element in Las Vegas to comply…

3 hours ago

Las Vegas GP: Hamilton continues on top in second practice

Lewis Hamilton put Mercedes on top of the timesheets for the second time in Las…

4 hours ago

2024 Las Vegas Grand Prix Free Practice 2 - Results

Full results from Free Practice 2 for the Las Vegas Grand Prix at Las Vegas,…

4 hours ago