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Leagues and Governing Bodies

Working to remake F1 into ‘what it can and should be’

Change is in order for Formula One as CEO Chase Carey leads a major organizational overhaul for a property he describes as “not close to where it can or will be.” At the recent Intersport Brand Engagement Summit in Chicago, Carey outlined what attracted him to the position, how he will build a new culture and create more energy to take the storied racing series to the next level.

The attraction of joining Formula One …
CAREY:
I saw an opportunity to do something different and interesting, where you could really make a difference. … What we have is the opportunity to sit at the center of a business and control the moving parts of it to try to make it what it can and should be. The sport distinguishes itself with glamour, stars, mystique, global reach. So it’s taking advantage of that and bringing a new spirit to it. It is a sport with tremendous history and tradition, so we want to build on that but bring a sense of innovation and excitement about.

What the transition has been like …
CAREY:
It is certainly unique to be following a truly iconic leader of the sport who led it for decades (Bernie Ecclestone), and I’ve given him credit for what he built. He created a culture that worked for him. It worked for a long time. But in today’s age, you probably need to compete in a different way than in years past, when the sport took care of itself and you monetized it through deals. Today, you really need to compete for share of mind, share of voice. Formula One was a one-man show — I don’t think it can be today. Formula One was a business that had no marketing, research or digital, with a sponsorship and media group of one. To compete in today’s world, you need an organization to support it. … The sport is historically short-term focused. We care much more about where we’re going to be in three years than in three months.

“We talk broadly about having ‘21 Super Bowls,’” says Carey, at F1 Live in London, which it put on ahead of the British Grand Prix.
Photo by: GETTY IMAGES

Building a new culture …
CAREY:
Within Formula One, we want to be lean, decisive, agile and hire good people and give them the ability to make things happen as long as you have transparency into what they’re doing. In the past, all the decisions were made in one place, which creates stagnancy. We want to liven it up and create much more of a sense of excitement, creativity and energy around it.

The live event and sponsorship vision …
CAREY:
We talk broadly about having “21 Super Bowls.” The analogy can be carried too far, but we’re only in each country once so there is a uniqueness to each one. We want it to be an event that captures the city for the week you’re there. You know you’re in a Formula One city, and there’s stuff going on Tuesday, Wednesday, Thursday going into the pinnacle of the weekend. There’s an energy and breadth that transcends sports with food, entertainment, music, exhibitions — something for all ages. We have the benefit of being in cities that people already want to go to — Milan, London, Brazil, Singapore. We’re in places that people want to go that capture your imagination, so we want to take over those cities.

On growing corporate support …
CAREY:
Our sponsor engagement to date was very one-noted. We put signs around a track and counted how many minutes they were on a TV screen. We have sponsors who are less focused on signage, but creating unique experiences for targeted individuals. Heineken, for example, has been a great sponsor. They had a village in Australia in the middle of the track, and they drank so much that they had to reroute beer from Perth. Sponsors are dying to take advantage of this platform, and we need to make sure we can deliver on things that work from them. ... The sponsorship side has the quickest route to getting where it should be. When you look at the categories we’re in compared to any other franchise, we’re a fraction. …We don’t have a technology sponsor, we don’t have a communications sponsor, soft drink, financial. For the ultimate sport of glamour, mystique and stars, to not have a sponsor in some of these categories is just crazy. We won’t be there in 12 months, but by 2020, that’s the area where I see the most progress.

On a larger role in the United States …
CAREY:
We think there’s an enormous opportunity — though we know we’re not going to be the NFL. … We’ll do it in steps, and the first is adding a race in a destination city — New York, Miami, Las Vegas — that captures the world’s imagination and a race that truly defines the word “event.”

The message to sponsors as Formula One grows …
CAREY:
I’m not trying to criticize past management, but we haven’t marketed the sport, we haven’t connected with fans, and a lot of the events feel like they did 10 to 15 years ago. There are a series of things, competition on the track and the action at the track, that have a tremendous upside. We’re looking for partners who believe and see that upside. We want to create much more of a partnership with our partners to tailor what they want to achieve. And we’re starting from a white sheet of paper that we can create from.

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