Formula 1 CEO Chase Carey on F1: “We're not declaring victory – we're not satisfied”

As chief executive of the Formula One Group, the sport has changed inexorably under Carey who, with a team of people by his side, has dragged F1 out of the sporting backwaters in some respects and into new-generational consciousness.

Ecclestone was long bemused, in particular, by social media. That was based on the fact the wily old businessman, so accustomed to big-money television deals, did not know how to earn a revenue stream from the numerous platforms available.

“It's not a criticism. I think Bernie deserves credit for a sport he very much built to what it is, but if I look at the 10 years preceding us, you're in an age where you need to engage with fans in ways that hadn't been done before, and that probably starts with digital media, social media," said Carey.

“People today are walking around with today's television in their pocket, a three-inch screen they are constantly following and engaging with what they care about, what's interesting.

“So you've got to provide them with the material information to enable them to engage, whether it's following the sport, the teams, the drivers or the heroes, they want to be closer to it and that's a great thing.

“You have tools today that enable you to do things much more than just put a race on a 60-inch screen and letting the rest take care of itself.”

Addressing the numerous possibilities, Carey added: “We have an incredible brand and it is truly unique. It's unlike other sports, to some degree because it is a sport married to technology so that creates a unique level of interest, and it's a sport that has a shock and awe beyond any other.

“When you consider the courage and skill of these drivers, they go out and risk their lives to do something that is truly beyond your wildest imagination, and seeing it is incredible. That brand has a power to it that we weren't exploiting.

“Whether it's Esports, fantasy sports, or exploiting other ways to expand, it's about reaching a new audience and taking advantage of those opportunities and growing the sport.”

Under Carey, F1 has also attempted to transform the events themselves into spectacles, or “the 21 Super Bowls” the Irish-born American initially talked about when he took on the role.

The major challenge has naturally been the attempt to make the sport itself more appealing and, where possible, to bring the teams into line given the power the likes of Ferrari, Mercedes and Red Bull have accrued over the years.

Carey is as frustrated as anyone at the domination of 'the big three' and the money they spend to ensure they remain as such.

“When I first took charge I was surprised at what the teams were spending to compete on the track, and not just spending, but increases in spending that were going on,” said Carey.

“Right now we have a sport where three teams compete for a championship and seven teams compete to be the best of the rest. We need to have a sport where an underdog can win.”

Whether the $170million spending cap that comes into force in 2021 addresses that remains to be seen, but it is a step in the right direction that was previously attempted before, only to be met by stern resistance from the teams.

“Thankfully, we have caps in place in US sports,” addressed Carey. “If some owners of teams had been left unfettered they would have continued to have spent extraordinary amounts believing it would get them a World Series or a Superbowl.

“Ultimately, that can get to a place where it's unhealthy for the business. It distorts competition, it becomes challenging for new parties to enter.

“At the end of the day, you really need to make any competition more about how well you spend your money, not how much you spend. That's a more admirable way to win, a healthier way to win.

“We're certainly setting it [the F1 budget cap] at a level where teams will still be spending plenty a month. We're not starving anybody for resources. But I think it provides a foundation for a healthier long-term competition, healthier for the teams in the business, healthier for the sport and healthier for the future.”

Carey, however, recognises he and his team have only just started scratching the surface of what they feel can be achieved overall moving forward to ensure the sport has a long-term future.

Asked as to whether he was satisfied with his three years at the helm, Carey replied: “You should never be satisfied.

“For the first two years, '17 and '18, I guess we really viewed them as foundation building. The sport had been run too much for a short-term dollar and not long-term growth. We wanted to change that.

“We needed to put elements of the foundation in place. There was no organisation beyond financial and legal staff. We didn't have a marketing organisation, a research organisation, a digital organisation. We had a one-man sponsorship group, a one-man TV group.

“We didn't have the tools and the resources to engage partners, to grow the sport. We didn't have a motorsports group to figure out how to make the sport and the tracks better. We had to put all those in place because we wanted to try and change the culture.

“And while you're always going to have competition on the track, we wanted to make it more of a partnership. We wanted to make sure, whether with the teams or promoters, we were working with them.”

It meant that throughout 2019, the Formula One Group could start to grow the business.

“We made progress,” said Carey. “We've had solid growth, and not just financial, but growth in terms of attendances and viewership being up, and our digital engagement is way up.

“We've had real success, but we're not declaring victory, we're not satisfied. It's early days, we're making progress but certainly, our work is more in front of us than behind us.”

Images courtesy of Motorsport Images.