The ambitious investment Liberty Media in Formula 1, has extensive interests in the future of the category, with the objective of an improvement in that aspect also assume greater economic benefits. However, the few months it takes the company to the front of the Great Circus have not only served to detect the margins of improvement of the category, if not also to check first-hand the difficulties that Bernie Ecclestone and his team have gone through in the management of the same.
Greg Maffei is the president and chief executive officer of Liberty Media, and the man who has given the approval to the operation, led by Chase Carey. Maffei has been able to witness everything your company has been observed during these months, and has declared that the opportunities that are presented are geared more to long-term: “Everything we thought about this business and about the opportunity while we did our due diligence, in addition to the time spent before you buy the Formula 1, has not done more to be confirmed. In the short term, there are huge opportunities in areas such as sponsorship. There are opportunities for more long-term in digital, including gamification, virtual reality, and emissions, and to create more excitement about the event, but also more income about the event as we near the end of the week. Some of them will take time”.
it is Not the only thing that the perception of Liberty Media has been slightly altered. According to Maffei, the new owners faced a number of major challenges that is going to require a larger effort than expected, but, at the same time, the potential profits would also be higher: “In the short term, it is difficult to see room for expansion because, even although there are some victories near on things like the advertising, you will require an expense to get it. Long-term, I think the challenges are probably just as large or larger, but the opportunities are equal to or larger than originally thought. There are many layers to this that make it complicated, from the FIA to the teams and the Strategy Group. Basically, I think that Chase and Ross Brawn, are involved in trying to make the racing more interesting, more competitive and more exciting”.
To approve changes in the sport, you must have the greatest amount of support possible, and the intentions of Ross Brawn are the put the whole world agrees in the right direction for the Formula 1. Maffei agrees that such parties agree on the necessity of these measures, but that put it all together will be the main obstacle: “There is uniformity on many of the actions that we can undertake to do so. We can run them, and how long it will take, is something that is still open, but I think that there is much consensus about the ideas that can make this sport more compelling, for the benefit of all involved: teams, fans, regulators and the commercial entity of the Formula 1. The execution is not so easy and, as I said, there are many parts in this, so that to achieve agreements and consensus into real action is not always so easy, but I’m optimistic“.