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Formula One has been ‘between ineffective and dysfunctional’: Chase Carey

Formula One has been ‘between ineffective and dysfunctional’: Chase Carey

Formula One got new fresh blood, this week an auto racing brand began a new stage in its history. As announced last week, Bernie Ecclestone has stepped down, and the new F1’s owners intend now to carry out the restructuring of this huge commercial and sport organism that worked ‘between ineffective and dysfunctional’, according to Chase Carey.

Formula One becomes more modern, fresh and effective, said is new top-management. Сhase Carey as a CEO has given an accurate verdict on the results of four-decades Ecclestone’s era. Bernie’s supremacy, his decision-making within the brand was ‘somewhere between ineffective and dysfunctional’, Carey said.

The changes have begun on his first day after handing over the corporation to the new owners. Сhase Carey known for his reputation as a hard-edged negotiator, his great experience in 21st Century Fox allow him to see the things others don’t. In case with F1, Carey acknowledged that the Byzantine world of F1 politics had taken him aback. New CEO stressed in his interview to The Telegraph:

“It’s not a case of everybody playing a game of poker, trying to bluff each other. At the moment, it’s not the way it should be if you want a business to be run well.”

F1: fresh blood

John Malone becomes a chairman, Liberty Media. He is a billionaire, the 75 year old, the largest landowner in America.

Chase Carey is now a chairman and CEO in Formula One, he served as vice-president of 21st Century Fox and negotiated a £1 billion NFL rights deal.

Ross Brawn is a managing director, motor sports, F1, he won 20 F1 world titles. Ross was a technical director in Ferrari.

Shawn Bratches is a managing director, responsible also for the commercial operations, F1. One of the central figures in turning ESPN into the sports and entertainment behemoth.

Formula One supremo Bernie Ecclestone speaks to the media at the paddock area ahead of the Russian F1 Grand Prix in Sochi, Russia, October 9, 2015

Entertainment is a key word in the plans of Liberty Media for Formula One. If bernie Ecclestone could understood this fact earlier, he probably, made a lot of money. Much more and more faster: virtual reality, digital innovation and a ‘destination event’ in New York or Las Vegas could redress F1’s deficiencies in tapping into the lucrative USA’s market.