Mercedes boss Toto Wolff believes that huge opportunities lie ahead for F1 but cautions against implementing decisions without proper due diligence.
In an interview published on Mercedes' website, Wolff says that the management team now at the helm of Formula 1 boasts one of the most outstanding track records in business.
"If you look at the track record of Chase (Carey) and his colleagues, it says everything," Wolff said in an interview published on the team's website.
"They are experts in TV rights, experts in US sports and they have hired experts in Formula One to cover that blank spot.
"They have done just the right thing, hiring experts in their respective fields. Ross (Brawn) has been in Formula One forever and has seen the sport from the team side.
"He is going to give them the right guidance, together with the teams and the FIA, to develop the sport in the right direction – staying true to its values.
"But, equally, assessing the areas that function well and the areas which we should be developing together in order to grow the sport even bigger."
Wolff is confident that F1's executives will have a firm handle on the modern tools necessary to form and sustain a positive image of the sport, and cater accordingly to the fans.
But it should all happen one step at a time, and caution is necessary.
"I think we need to acknowledge that Formula 1 is a technical sport, so it will always polarise.
"There are people who will say that they hate it and others will say that they love it. That is OK. But one thing is for sure - we shouldn't make it a beta test.
"We shouldn't mess with our loyal fans and our audiences by implementing rules and regulations that we haven't assessed properly.
"We should use data in a scientific approach and see what works in other sports and other entertainment platforms, then combine that with the great strengths and assets of Formula 1.
"I’m very curious and optimistic as to what the future holds. But one thing is for sure – the wheels turn very fast and yesterday’s news doesn’t interest anybody any more."
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Phillip van OstenMotor 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.