Chase Carey: ‘Liberty bought Formula 1 to end crisis’

Liberty Media decided to buy Formula 1 because it saw potential amid the sport’s “crisis”, according to Chase Carey.Carey has replaced long-time F1 supremo Bernie Ecclestone as the sport’s chief executive.

Asked by Spanish daily AS why Liberty bought F1, American Carey answered: “Firstly because we believed that Formula 1, one of the most global sporting events, had entered a great crisis and needed a renewal.

“The second reason is that in the last six years, F1 had lost even economic potential. The sport is also a business and we can help it to grow also on the digital side, which has been forgotten until now.”

Carey therefore said that change is looming for Formula 1, even though there is no immediate rush.

“We want to respect the history of the sport but always keep searching for new paths,” he said.

“My real goals are for 2020. I am more concerned about what this sport will be like in three years rather than in three months.”

Carey also responded to recent speculation that Turkey could be set to return to the calendar.

“It’s a good circuit and we have to look carefully at each destination, whether it be the US, Asia or Europe and decide whether to keep 21 races or expand,” he said.

The season continues this weekend with the Spanish Grand Prix.