In the middle of January – a 10 and a half months – Liberty Media control of the formula One took over.
Bernie Ecclestone was named chairman emeritus, a role that meant very little. His days in the shop were over. Chase Carey, as the new Chairman and he brought Affairs Sean Bratches head of commercial operations, and Ross Brawn to look after sports.
As part of the sales process, F1 listed on the NASDAQ stock exchange with the ticker ‘FWONK’) and began to reduce the work load of the company’s debts and remove the former owners from the business. Carey is now happy with the debt. Of the share price) of around $26 (£20) to $38 (£29), to a maximum value of $41 (£31. The market seems to be convinced that the freedom of a good job.
Carey and Bratches out some of the new contracts with circuits and TV companies, has drawn the organization into a new house and it’s recruitment has been strong, resulting in a right company structure. The company’s philosophy is to grow the sport and get to support all the others. The men are responsible, to think strategically and collectively – and this is something the teams have to get used to it, after years of Ecclestone divide and conquer is “” technique.
“We have been actively creating with all the teams to Form a common vision for the sport, the real value for all parties involved,” says Carey. “We are very pleased with the collaborative discussions that we have.
This discussion will take some time, but we appreciate your receptivity to the further alignment of our incentives for the long-term benefit of the sport.”
Carey speaks a language that is often confusing for the formula 1 community, but there is no doubt that he knows what he’s doing. He has made it very clear that freedom is not overly keen on subscription-TV, unless, of course, the markets which support it, this is the case in many of the formula 1-heart of the country. He believes that the sport including the switch away from free-to-air TV coverage has suffered. Freedom is the goal to change this and get F1 back on the big TV channels, where it is possible.
At the same time, there is no doubt that it will create a plan for what is known as ‘over-the-top content,” which will be made available over the internet directly to the fans, instead of through TV, cable and satellite companies. This will cost money, no question, but given the number of F1 fans in the world, it will reap huge benefits, while many traditional TV services remain still in place. There is no single answer to the question of how the content is delivered to fans.
“From the beginning, we have focused on first fans closer to the action, and the enlargement of the attractiveness of Sports,” says Bratches. “There are a lot of potential to grow the sport, but if we are going to build up interest in F1 in the United States, we need the fans more chances to get excited about F1. So we want more races in the United States. We also want to six races in the USA-time-zones, all live to US, as consumers, do to hours that make sense. Now we have four: Austin, Canada, Mexico, and Brazil.”
Bratches is working on staging more races in Asia as well, because this is considered as the second major growth market for the F1 today. It is interesting to see that the last of the new race deals with China and Singapore, both short-term, indicating that the liberty is confident to lock in the value of F1 will increase, and you do not want that in long-term contracts. Cities queue up to bid for the race.
Carey’s concept is, F1 will take you to make the “destination cities”, and each of the events bigger and better. He used the idea of any grand prix is like a “Superbowl” in any country, but added that the freedom of want to keep it, to keep the traditional venues, the existing fans happy, and press hard to create new. These guidelines include a string of actions in the next year, similar to the London Marathon in July.
There is action on a large number of different areas, including market research and the formulation of new rules for 2021. Plans are drawn, cut, team, cost and create a more equitable distribution of income. This can lead to friction with the big teams, especially Ferrari, but although neither Carey nor Bratches (image below) say nothing, it is clear that you have the intention to create a robust attitude. Ferrari has more than its fair share to long and it will either accept what is being proposed, or to race anywhere else. It is of course not a real option – and Ferrari know it. There will be a fireworks? We will see. If freedom has done a good job, there can be no distortions at all.
WHO are THE NEW MEN ARE F1?
Carey (pictured left) joined Columbia Pictures in 1981, and played an important role in the development of connections between the Film and the cable-TV networks. He moved to help Fox in the late 1980s, to start, Fox News and Fox Sports prior to the acquisition of the satellite service of DirecTV. He worked for the first time, Liberty Media, when it bought DirecTV but returned later to Rupert Murdoch’s Empire as the President of 21st Century Fox. He pulled her F1, if it was clear that he was not the top job in the Murdoch Empire.
Bratches (the right picture) joined the cable and satellite sports channel ESPN in 1987 and rose through the ranks to the head of sales and marketing in 2005, plays an important role in the ESPN new media, in particular, the pay-TV customers to stream content over the internet. He was one of the first TV executives to realize the importance of eSports.
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