Can Liberty media extract what it needs from Formula 1 whilst enhancing the show and solving world peace at the same time? Ross Brawn is here to help.
THE SITUATION
Whilst most observers of Formula 1 feel the new era will be a change for good on the sporting side, what does it mean for the commercial side of the sport?
Unless you’ve been stuck under a rock these past six months, you’ll have heard that Liberty Media bought into Formula 1 and deposed long standing boss Bernie Ecclestone at the same time. The world is out on whether the latter is a sound or naive adjustment. What is agreed is that Liberty Media won’t look to change a winning formula beyond all recognition. No business goes into an acquisition of a successful and profitable enterprise to completely pull it apart. It looks to improve, enhance and massage those areas it feels it can effect positive change as it hopes to add value for the shareholders along the way.
Formula 1’s business model has been well documented and scrutinised of late. Under Bernie Ecclestone the series evolved over 40 years into the major global platform that it is today. Along the way, Ecclestone broke some eggs and created an elaborate network of agreements with a myriad of partners that are undoubtedly very complex and will take many years to unravel. In doing so, Ecclestone undoubtedly left some value on the table and perhaps missed opportunities due to lack of understanding or felt were less important than other priorities at the time. Whichever it was, most agree there are areas for immediate change and some, where change will be more long.
This story is from the March 2017 edition of Paddock magazine.
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This story is from the March 2017 edition of Paddock magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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