Carey fires warning shot at new teams

by Ed Spencer
Chase Carey

F1 supremo Chase Carey has fired a warning shot at potential new F1 teams after the American said that the potential entries need to have a strong business strategy.

Although FIA president Jean Todt wishes for the grid to expand to twelve teams, both Todt and Carey agree that the teams must have a good business strategy in order for them to be accepted onto the F1 grid in light of the three new teams from 2010 all going out of Formula 1 just six years after being accepted onto the grid.

“I think one of our key priorities is making and owning a team a better business. Our overriding objectives is to make better racing, better competition and better and more unpredictable action and drama. The second key priority is to make it an attractive business for others,” said Carey.

We talk about potential teams but most of the people that I have had preliminary conversations with want to see rules in place that provide a framework for a healthier business model.

A fairer level of prize fund distribution, and some discipline in the cost of the sport to make it more about how well you spend your money, not how much you spend. We think those principles will help make owning a team like in other sports it will have a franchise value.

Carey requires new teams to have a mixture of passion and savvy business management with the American preferring quality over quantity for the grid.

“Owning a team makes it something that is a good business proposition not just a pursuit of passion.

Obviously many of these teams have larger businesses and benefits which transcends running a team on the track, like the promotion value and marking value of the brands. But we would like to make it a better business and our priority is that we want healthy teams and quality over quantity.”

The American added that a new team must be competitive against the other ten established teams in order for them to add on track value to the sport.

“Having an eleventh team that sits at the back of the track is not adding to improve the sport for the fans,” he said. “I would like that eleventh team but I want them to be competitive and healthy and to bring something to the sport.”

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