Liberty Media felt it had to bring in a new management team to run Formula 1 because the business had failed to show much growth over the past four to five years, according to new CEO Chase Carey.
On Monday it was announced that long-time F1 boss Bernie Ecclestone had been replaced by a new management team consisting of Carey, Ross Brawn and Sean Bratches.
Brawn will take up a sporting role with the aim of improving on-track action, whilst Bratches will head up the commercial side.
Speaking to Sky Sports News, Carey said the need for a new management team was in response to the lack of growth in the sport. Although profits have increased, the audience has declined in many key markets.
“We looked at the business and felt over the past four to five years the business and sport had not grown to its full potential,” said Carey.
“We needed to put a new organisation in place to be able to grow the sport in today’s world in the way it needs to grow, and in some ways work with the partners we have in the business to make sure we can make the sport everything it can and should be for its fans.”
Carey is confident Brawn and Bratches are the right men for the job, insisting the former understands the sport better than anybody and is therefore best placed to deliver a sport fans will love.
“Both Sean and Ross will have critically important roles in developing the sport overall,” he added.
“Ross brings decades long experience of incredible success in the sport. From Ross’s perspective, what we want to do is make sure we make the sport on the track everything it can and should be.
“Make it as exciting as possible for the fans, as energising as it can be for its fans.
“It’s a great sport today, it’s got drivers that are iconic stars, it’s has cars that combine power and technology in a way that truly amazes people and a brand that has fans around the world.
“So it is already a great sport with great tools, but we need to continue to improve the sport on the track and Ross probably understands, as much as anybody, how the sport works, what the ins and outs of the sport are.”
Carey added that Ecclestone must be applauded for what he’s achieved, but believes the time has come for new owners and new thinking, but the 86-year-old will still be able to offer advice where needed.
“I think the reality is that Bernie has really ran the business as a one-man show. Bernie has run it relatively alone.
“Bernie deserves enormous credit for the business that has been built over the last number of decades and realistically it just got sold for $8 billion, so the ultimate proof in the value he created is there for all to see.
“But he has unique insights in the business, he understands it probably better than anyone else, his advice will be invaluable. He has been helpful to me to date and I look forward to his advice as we go forward.”
