Thursday, 29 December 2016

F1 Takeover - FT: Liberty Media plans Formula One revamp

FT is reporting that Liberty Media, the new owner of Formula One, plans to overhaul the elite motorsport, including selling race naming rights and staging ancillary events around its 21 Grand Prix with the aim of making each one “the equivalent of the Super Bowl”.

Liberty intends to turn each international Grand Prix into a week of events to engage spectators and attract new sponsors, according to a senior executive involved with Formula One.

It is also exploring expanding the contest’s US presence with the launch of new Grand Prix in big media markets.

New York, Los Angeles, Las Vegas and Miami are under consideration.

The US media company wants to draw more fans to the sport around the world, lift television ratings and increase commercial revenues.

Liberty, which is controlled by John Malone, acquired Formula One from CVC Capital Partners this year in a complex deal that valued the sport at $8bn.

Chase Carey, the former executive vice-chairman of Rupert Murdoch’s 21st Century Fox, has been appointed F1’s new chairman, replacing Peter Brabeck-Letmathe, the chairman of Nestlé.