'F1 is not broken, but needs to evolve,' says Wolff

Mercedes boss Toto Wolff is confident in Formula 1's new owner's ability to shake things up and take the sport to the next level.

Speaking in Silverstone today after the launch of Mercedes' new W08, Wolff was questioned about what the future may hold under Liberty Media's guidance.

While Liberty's initiatives could be limited in areas governed by ongoing contracts, Wolff believes F1's new management will definitely seek changes where contractual freedom exists.

Of course you’re always limited by contracts and part of Formula 1’s success was long-term contracts that give Formula 1 stability,” he said.

“But that also means probably you might not be able to change everything at once. I think there might be quite some short-term changes, things that are possible to be implemented, at least from what we have heard in terms of enhancing the show on the track."

• Wolff: 'A dominant feeling of excitement!'

Wolff indicated that Mercedes had already held discussions with Formula 1's new headmen, Chase Carey and Ross Brawn about the sport’s future direction.

While he labeled the meetings as 'proactive, he also cautioned against a major overhaul of the sport.

“Having spent some time now with the new owners of Formula 1 you realise that it is probably the best-functioning global sport that exists,” he said.

“We tend to put the spotlight on the things that are not as good as they should be, we tend to criticise it a lot.

"And that is part of F1’s DNA. We’re not only talking about the track action, we are talking about the politics and the inefficiencies and the controversy. And that’s part of us.”

“So the sport is in good shape, there are things that are functioning really well and the audiences in the last couple of races when it came down to the wire were really good. And there is things we can improve."

The Mercedes boss disputed the claim that the sport had lost its way, a sentiment often expressed by paddock pundits as well team members. Change in the form of evolution is necessary, he conceded.

"Nothing is broken. Formula 1 needs evolution, not revolution and needs careful handling and understanding of what the DNA and unique selling point of Formula 1 is, and then we need to move from there.”

GALLERY: F1 drivers' wives and girlfriends

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