Carey: 2021 proposal must attract new teams

Date published: November 19 2017

Formula 1 CEO Chase Carey has responded to the criticism received following the announcement of the engine proposal for 2021.

The likes of Mercedes and Renault were the first to voice their discontent over the plans for the future of Formula 1, while Ferrari went one step further by threatening to quit the sport altogether should the owners push ahead with the current framework.

But Carey has reiterated that a better balance is needed in order to create much better competition on the track.

“In the past it was a little bit every man for himself, who could lie, cheat and steal [from] the other guy," Carey said.

"It made the business 'one plus one is one and a half'. We want to have competition on the track, but a shared vision of where we think and want this sport to go, and bring everybody along with us.

“Obviously there will be differences, we’ve got to find the right compromises, but we can make 'one plus one equal three'. Certainly within that, the teams are uniquely important.

“We have teams today pay the better part of half a billion dollars per year to put a car on the track, or two cars on the track. It doesn’t deliver any value for fans, it’s done to compete with the other guys.

"We’re pursuing initiatives on costs, engine, aerodynamics, others, and we’ll have a unique opportunity to both improve the competition and make the economics much better."

Carey continued to defend the initial proposal, which has been welcomed by potential new engine manufacturers such as Aston Martin and Cosworth, saying that cheaper costs and a level playing field will make the sport a better one.

“I think the most important thing we can do is make the business model for owning a team much better,” he added.

“Today when I talk to some of the entities that you’d like to have in the sport, or think about being in the sport, they’ll end up saying today it either costs too much, or if we’re more disciplined on what we spend, we’re competing at the back of the pack.

"If those are our two choices, that isn’t that attractive. That’s why we’re pursuing cost and engine initiatives that will still have differences in the cars.

"Each car is unique, but the competition is more balanced, and the economics are more predictable.

"I think if we can create our business model, it will benefit our existing teams, but I think it will make it much more interesting to an array of potential new entrants.”