- Title: Ecclestone can still play a role in F1, says new boss
- Date: 24th January 2017
- Summary: LONDON, ENGLAND, UK (JANUARY 24, 2017) (REUTERS) FORMULA ONE CHIEF EXECUTIVE CHASE CAREY WALKING IN CORRIDOR (SOUNDBITE) (English) FORMULA ONE CHIEF EXECUTIVE CHASE CAREY, ON POSSIBLE U.S. EXPANSION, SAYING: "I mean first I want to be clear, we did not buy this sport because... I mean America is an opportunity, and we'll grow it in America, and it's all upside because realistically we have a great race in Austin but we don't make a significant amount and we haven't really built the fan base in America the way we can. We have more fans than people realise but it's all upside for us. We think there is a real opportunity to engage the American public in a new and exciting way, probably one of the components is putting another race there and in a destination city. We want these events to be big, broad. I've talked about 21 Super Bowls, we want them to have that type of feel which probably means a city like New York, LA, Miami, Las Vegas that people would come to for the week. They'd have a lot of stuff going on. The sport would be at the centre of it but there would be a lot of stuff going on for everybody throughout that timeframe. We need to build abilities, which is probably digital platforms probably more than anything else and marketing organisations so people can connect whether it's on a cell phone or online so that they can follow stars, they can understand the sport, they can learn what's going on and we're not creating those vehicles today that engage fans and create new fans and turn a casual fan into a hardcore fan. We need to build those capabilities that build that audience and then figure out how we take those building blocks and take it further from there." WHITE FLASH (SOUNDBITE) (English) FORMULA ONE CHIEF EXECUTIVE CHASE CAREY, SAYING: "We want to make them bigger and more successful. When I talk to people about some of the races, they don't feel they've had the innovation and the changes. They feel a little bit too much like what the races were 10 or 15 years ago. Today you've got to keep on finding ways if you are going to compete in this world where there's many choices to add new dimensions and new excitement. We're the new guy on the block so everyone is coming in and saying we need a reduction. I don't buy that. I think what we need to do is make the races better and more valuable and figure out a way to grow them. Our goal is how do you make the races bigger and better and broader than they've been and I think there's a lot we can do. (Q: "But those historic races (Silverstone, Spa, Monza) are secure in your mind?") Western Europe, which is the foundation of the sport, is very important to us." WHITE FLASH (SOUNDBITE) (English) FORMULA ONE CHIEF EXECUTIVE CHASE CAREY, SAYING: "I think there are multiple objectives we look at. It's a global sport so I think it's great for us to have the sport in historic places and new places. Abu Dhabi's a great race. Great excitement and great energy. So I think it is important for us to be in many places but as I think about the events I usually think about three things and in this order of priority: fans, growth and money. They are all important but fans probably means making sure the races in Western Europe, which is the foundation, are great and successful, and everything it can be. Growth is sort of U.S. and China and places like that where there is real upside to create a new audience for it, and money helps us have the resources to continue and invest and grow the sport. And so they all matter but to varying degrees of importance. But I think being in new places there is real value, continuing to find the growth that comes and the energy that comes. I think one of the things that truly distinguishes Formula One from almost any other sport is the breadth of where it competes. And I think that is actually something that gives the sport a unique identity that it competes in places across the globe that really no other sport competes in that way." WHITE FLASH (SOUNDBITE) (English) FORMULA ONE CHIEF EXECUTIVE CHASE CAREY, SAYING: "I think there's broad agreement that what is being spent by some of the teams today does not make sense. The revenue allocation is probably over-skewed. I think there's a recognition that for a sport to be healthy it needs to have a fair competitive balance, and everybody has to have the ability to compete and the underdog has to have the ability to win. So I think those things are broadly recognised. How you achieve them has probably got more complexities. We can't unilaterally sort of institute things to address it, so we have to engage with parties and figure out are there ways to address costs, revenues, competition in a way that everybody can feel it's improved the sport and made it better for everybody. We'd like owning a team to be good business. We'd like running a race as a promoter to be a good business and we'd like the Formula One to grow. So we'd like to figure out how do we grow the whole in a healthy way that enables everybody to be successful and share in the rewards fairly of the success." WHITE FLASH (SOUNDBITE) (English) FORMULA ONE CHIEF EXECUTIVE CHASE CAREY, ON BERNIE ECCELSTONE'S NEXT ROLE, SAYING: "Bernie could be truly helpful to me and the board in the leadership of the business and provide invaluable advice. Part of the title is giving him the respect we felt he was due, the decades he spent leading it. But there's no question, Bernie can provide invaluable advice and help to how we take the business forward and we look forward to that and hope he does. I recognise this change is difficult for him. He's been in a role for most of his adult life, running it so I'm not naÃ¯ve about the difficulties in giving up the role and taking this new undefined role but I would truly hope I can look to his advice and help as we go forward." (Reporter asking: "But you are running the show?" "But I am running the show." CAREY WALKING IN CORRIDOR
- Embargoed: 7th February 2017 18:07
- Keywords: Chase Carey Liberty Media
- Location: LONDON, ENGLAND, UK / PARIS, FRANCE / MUNICH, GERMANY
- City: LONDON, ENGLAND, UK / PARIS, FRANCE / MUNICH, GERMANY
- Country: United Kingdom
- Topics: Motor Racing,Sport
- Reuters ID: LVA00160FVFPJ
- Aspect Ratio: 16:9
- Story Text: Bernie Ecclestone can still play an important role in Formula One's new era despite being ousted as supremo, chief executive Chase Carey said on Tuesday (January 24).
Ecclestone, 86, was appointed "Emeritus Chairman" on Monday after U.S. cable TV magnate John Malone's Liberty Media completed a takeover of the sport and appointed existing F1 chairman Carey in his place.
The British billionaire, who has ruled the sport for 40 years, told Germany's Auto, Motor and Sport that he was unsure what the new title really meant.
Carey recognised it was 'undefined' but said it was not an empty accolade.
"Bernie could be truly helpful to me and the board in the leadership of the business and provide invaluable advice," the American told Reuters.
"Part of the title is giving him the respect we felt he was due, the decades he spent leading it. But there's no question, Bernie can provide invaluable advice and help how we take the business forward and we look forward to that and hope he does."
Carey recognised that scenario might be tough for someone used to operating on his own terms and with a famous reluctance to delegate.
"He's been in a role for most of his adult life, running it, so I'm not naive about the difficulties in giving up the role and taking this new undefined role," he said.
"But I would truly hope I can look to his advice and help as we go forward."
There was, however, no doubt about who would be in charge from now on.
"I am running the show," said Carey.
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