Liberty not in Formula 1 to 'take the money' insists Chase Carey

New Formula 1 chairman Chase Carey says incoming owner Liberty Media is already looking into the future rather than aiming to make a profit and offload it quickly

Liberty not in Formula 1 to 'take the money' insists Chase Carey

The US firm will become F1's largest shareholder early next year after striking terms on a deal earlier this month, with CVC Partners to take a step back.

What are Liberty Media's plans for F1?

However, the likes of Bernie Ecclestone were quick to caution that Liberty Media is also in business "to make money".

Carey will work alongside Ecclestone, who will remain CEO, and attended his first grand prix since the buyout was announced in Singapore, telling the official F1 website that Liberty was not looking to cash in and move on.

"Of course, profits are important - but realistically the primary goal of the business that I have been in has always been to build long-term value," Carey said.

"So the goal is not what can be achieved in the next 12 months, but where you are going to be in three to five years.

"Liberty, to its credit, has a history as a long-term shareholder. They are supportive and they know their business, as they have been in the media and entertainment space.

"It sure is not 'take the money' with a focus on how to get the profits up in the next 12 months - it's about how to build long-term value.

"So the focus will be investing and building over time. That is the mindset that we bring and hopefully it will enable us to bring Formula 1 to the next level."

Carey outlined that any changes will be some time away, with the "first few months - call it 100 days" largely about listening.

"Realistically what I am doing in the next few months is probably more listening to what people have to say, and adjusting that," he said.

"Yes, it is a sport with a wide range of constituents, so it is important to understand what each of those constituents' objectives are, what their issues are.

"You cannot make everybody happy all the time, but you've got to understand what everybody wants and then find a path.

"Sure, that is not a task for a committee, as committees tend to become bureaucratic. But there also can't be a dictatorship, even if probably here they are used to it."

While Liberty's goals are built around new markets such as the US and Asia and embracing digital media, Carey reiterated that existing events in Europe and platforms will not be neglected.

"The historic pillars are important and we will continue to grow those - make the events bigger from the promotion side of it, and with broadcast probably widen the core television experience to today's needs," he said.

"I believe that a good digital product makes the television product more rewarding.

"Marketing the sport, in telling the story of the stars and heroes and the incredible machines.

"Then strengthen it geographically. So there is not 'the cash cow', but there is growth possibility in every area."

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