21 Nov 2017
Start Your Engines
Bringing “shock and awe” to Formula One Topics:
Photo by Tom Stockill
Formula One racing is known around the world for its glamor and drama, with stylish, celebrity-studded locales that have included Monaco, Shanghai, and Casablanca. With fans scattered around the world, some also consider it one of the few truly global sports—a fact that Chase Carey (MBA 1980) hopes to build on as Formula One’s relatively new chairman and CEO.
Liberty Media bought F1 from the private equity firm CVC Capital Partners in an $8 billion deal finalized in January 2017. Carey joined as CEO soon after. In an interview with London’s Sunday Times, the native New Yorker acknowledged the contributions of Bernie Ecclestone, F1’s former head, while laying out some thoughts for the future: a new circuit in a “destination” city such as New York, Miami, or Las Vegas; faster, louder engines; and redesigned tracks to create more opportunities for exciting-to-watch racing moves. Also in the queue, not surprisingly: deals on digital content and bringing F1 in line with 21st century marketing practices. “We have 400 million to 500 million fans around the world and don’t have a database that allows us to connect with them,” commented Carey, who no doubt is just getting started.
Class of MBA 1980, Section F