Formula 1 'not afraid of risk' with new grands prix
Formula 1 CEO Chase Carey says that his organisation is "not afraid of risk" when it comes to taking a stake in the promotion of future grands prix


The Miami GP - now postponed to 2020 - will run on a risk-sharing initiative between F1 and local promoter South Florida Racing, which is run by billionaire Stephen Ross, rather than on the traditional model of an event paying F1 a sanction fee to host the race.
F1 sees Miami as part of a bigger picture, with potential for extra revenues from areas such as hospitality over the weekend and the chance to use the race as a tool for promoting the series in America.
The move has caused some consternation among existing race promoters, many of whom have already committed to expensive long-term traditional deals.
When asked whether the Miami risk sharing model might be used elsewhere for new events Carey, who says there is interest from "four continents", did not rule it out.
"Realistically every race is unique," he explained. "I think each one we'd look at in specific terms.
"People don't realise 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, if we believe there's an upside to the risk. We obviously can afford that.
"We like having our promoters have skin in the game, it's important to us for them to have that skin in the game and stand behind it.
"But if we think there are opportunities to have upsides both in the event itself, as well as upsides to us on a much broader level, we'd evaluate it on the merits.
"We're not going to turn the model upside down, but if the returns justify the risks, I think we'd look at it."

Carey said that the 2019 calendar, which is expected to feature 20 races unless a way is found for Hockenheim to continue, will be published soon.
"We expect to finalise 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.
"We're already turning our energies to the 2020 calendar, and we're particular excited about a number of opportunities to add new events that we believe will really capture fans' imagination and be widely supported.
"In fact we are actively discussing opportunities on four continents. A potential race in Miami is one of those."
He admitted that F1 knew its target of 2019 for Miami "was tight, particular for a street race where we have to navigate many local issues", and added: "It is much more important to make the race great than to push it a year earlier, so we decided that the prudent choice was to focus on 2020."

Red Bull: Daniel Ricciardo feared supporting role to Max Verstappen
Fernando Alonso not 'healthiest' choice for Red Bull F1 - Horner

Latest news
How Ferrari’s Monaco headache became its Silverstone migraine
OPINION: Ferrari won the British Grand Prix with Carlos Sainz, but it ultimately cost Charles Leclerc a chance to make a bigger dent in Max Verstappen's title lead by leaving the Monegasque out on old tyres towards the end. Like Monaco, indecision over strategy proved to be the Scuderia's biggest issue - and if the team doesn't reflect, the headache can only intensify
The five factors behind Sainz winning a British GP he’d twice lost
Formula 1 has a newest race winner, in a grand prix the victor appeared to have lost twice, only to charge back to headline a sensational and dramatic British Grand Prix. From a massive start crash to a late sprint finish, here’s how five factors saw Carlos Sainz take his maiden grand prix win
Why there was no case to answer in Aston’s latest F1 copycat saga
The appearance of a revised Aston Martin in Spain caused controversy but PAT SYMONDS explains why the FIA investigation found the Silverstone team had no case to answer
Why it's Red Bull that really leads a three-way fight so far at Silverstone
After a slow start to Friday at Silverstone, all the Formula 1 teams had to effectively cram in a day’s worth of practice into one hour. But there was still plenty to learn and while Ferrari topped the times, a three-way battle is brewing ahead of the British Grand Prix
Why the future is bright for the British GP
It wasn’t so long ago the situation looked bleak at Silverstone with the future of the British Grand Prix under threat. But a transformation has seen it restored to one of the most important races on the Formula 1 calendar, with bigger and better to come
Could mixed fortunes for F1's leading Brits turn around at Silverstone?
For the first time in many years, none of the local racers starts among the favourites for the British Grand Prix. But George Russell, Lewis Hamilton and Lando Norris could have reasons for optimism
Verstappen exclusive: Why F1’s champion isn’t fazed by Silverstone return
Max Verstappen is the world’s number one racing driver… and he’s determined to keep it that way. Speaking exclusively to GP Racing's OLEG KARPOV, the Red Bull driver explains why he’s relishing the 2022 championship battle with Charles Leclerc – and why he’s not worried about returning to Silverstone, the scene of the biggest accident of his career last year
Why Red Bull’s RB17 hypercar can help its F1 team
On Tuesday, Red Bull laid out its plans to develop and build a new hypercar - the RB17 - penned by Adrian Newey. As the project itself sates Newey as a creative outlet, it also offers Red Bull's Formula 1 team a number of new and exciting avenues to pursue