Chase Carey said that each race is considered on its merits, such as hospitality, sponsorship components.GETTY IMAGES
Formula 1 CEO Chase Carey said that his organization is "not afraid of risk" when it comes to taking a stake in the promotion of future grands prix, according to Adam Cooper of MOTORSPORT. Instead of the traditional sanction fee model, the Miami GP "will be based on a risk-sharing initiative between F1 and local promoter South Florida Racing," which is run by billionaire Stephen Ross. Rather than "just take a straight fee," F1 sees Miami "from the perspective of a bigger picture" in terms of potential for extra revenues from areas such as hospitality over the weekend, as well as "a tool for promotion of the sport" in the U.S. The move "has caused some consternation among existing race promoters, many of whom have already committed to expensive long-term traditional deals." However, when asked whether the Miami risk-sharing model might be used elsewhere for new events, Carey, who said that there is interest from "four continents," did not "rule it out." He said, "Realistically every race is unique. I think each one we'd look at in the specific terms. I think people don't realize that frequently these events have a lot more moving parts than just a fee. There are hospitality components, sponsorship components, other components around it. But you look at each on their merits. What are the direct economic benefits and certainties? We're not afraid of risk." Carey added that the '19 calendar, which is expected to feature 20 races "unless a way is found for Hockenheim to continue," will be published soon. Carey: "We expect to finalize our 2019 calendar, which we expect to look a lot like our 2018 calendar, in the next few weeks as we successfully finish off renewal agreements" (MOTORSPORT, 8/9).
