Over the past two weeks, Formula 1 has seen a great deal of change in its hierarchy. Recently, Bernie Ecclestone had been removed from his position as the chief executive officer and was replaced by Chase Carey. Carey is also the President of the DIRECTV Group as well it’s chief executive officer.
This shift in power will ultimately result in inevitable change for the sport, as Ecclestone had been running Formula 1 for the past 40 years in a “dictatorship role”, as he often put it. His new position in the sport will be the Chairman Emeritus of Formula 1 for the foreseeable future. While he will still work closely with the new chief executive officer, it seems Carey has intentions of reframing the sport to bring in a greater audience.
While no specifics have been laid out yet, Carey has stated he would like to capitalize on the existing North American market. This will most likely mean bringing in a new American team and possibly adding another Grand Prix within the United States. Formula 1 is broadcast in over 200 countries, and has nearly 500 million viewers per race, yet most of its following stems from Europe and Latin America. Carey believes there is a massive audience within the U.S. that will grow as the sport continues its relationship with America.
Another possible issue Carey will tackle will be attempting to lessen the gap between the first and last place teams. Mostly this has to do with finances and personnel of each team and will be difficult due to the amount of money some teams are willing to invest. The new chief executive officer believes this will help make the sport much more competitive, as well as appealing to new and former audiences.
Fans will most likely not see a great deal of change in the near future, but it is likely these ideas could drastically modify the sport in the next 10 years or so. Hopefully these alterations will move the sport in a positive direction.