Chase Carey, the new owner of Formula One Racing, recently announced plans to expand the sport into new markets. This includes adding a traditional street race, set in the United States, to the circuit. "We would like to add a destination race in the U.S. in a location like New York, L.A., Miami, Las Vegas," Carey said in a telephone interview. "We think we can create something that will be a really special event. Obviously, the U.S. is all upsides for us. We haven't invested in the way we need to build the U.S. market." Currently Formula One only has one stop in the U.S. during the season and that is in Austin, Texas.
Lovers of Formula One Racing have felt the sport was "stuck in the past" mostly thanks to former owner Bernie Ecclestone. Carey promises to change all that and has publicly stated that Formula One will no longer be run as a "one-man show." "The last half dozen years I think the business has not reached its potential," Carey said. "With all the things you need to do to be competitive in an increasingly fragmented online world, you need an organization doing many things at the same time."
Heavier involvement in the United States is only one part of the plan to revitalize the sport. New venues are being scouted around the world with lucrative hosting contracts being negotiated. "We are willing to invest in the sport but we are the new guys so everyone wants to come in and figure it's a chance to renegotiate. So, I don't think that's the right mindset. We think these races (in places like Britain and Germany) should be bigger and more profitable and we are willing to work with promoters to figure out how to achieve that. That's our goal."
