New Formula One Group CEO Chase Carey believes that the sport has been stagnant over the past five years and a new management structure will help it grow to its full potential.
Carey replaced ousted CEO Bernie Ecclestone yesterday and will now spearhead Grand Prix racing's development flanked by Ross Brawn on the sporting side and Sean Bratches on the commercial side..
"Liberty and I shared this view as we looked at the business, felt that particularly over the last four to five years the business had not grown," Carey told Sky Sports News.
"The sport had not grown to its full potential, and we needed to put a new organisation in place that was able to really grow the sport in today’s world, in the way it needs to grow.
"And in some ways work with the partners in the business so that we can make the sport everything it can and should be for its fans."
Carey also paid a warm tribute to the outgoing 86-year-old Ecclestone who will retain an advisory role in the future.
"Bernie deserves enormous credit for the business that has been built over the last number of decades.
"Realistically it just got sold for $8 billion, so the ultimate proof in the value he created is there for all to see.
"But he has unique insights in the business, he understands it probably better than anyone else, his advice will be invaluable.
"He has been helpful to me to date and I look forward to his advice as we go forward."
Carey recognized however that parting ways with the man who reigned for four decades on the business his company just purchased will lead to challenging adjustments for Ecclestone.
"When he's run it for the period he's run it I certainly understand that the change is going to be difficult for him and create challenges for him," Carey said.
"But hopefully we'll find a way that it continues to be rewarding for him. I want him to feel good about it.
"He will always be part of the Formula 1 family, he will always be welcome, and I want to try and make this something he can continue to feel part of.
"But it's a big change for him and I understand that."
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