Formula One plots fresh course after sale

The days of Formula One taking millions from deep-pocketed nations with little history in car racing to stage Grand Prix events may be over. New owner Liberty Media Corp wants to end a “deal-of-the-day” mentality to focus on key markets, including the US and Europe.

So says Chase Carey, who this week was named Formula One’s chief executive officer, taking over from Bernie Ecclestone, the 86-year-old billionaire who ran the sport for four decades.

“Some of the decision-making hasn’t been efficient and effective in how do we manage the sport,” Mr Carey said in an interview yesterday, a day after Liberty completed a $4.4bn (€4.01bn) takeover that values Formula One at $8bn.