Formula 1 Group CEO Chase Carey has said former owner Bernie Ecclestone stunted the growth of the sport with his "divide and conquer" rule.
Ecclestone was moved to a chairman emeritus role following Liberty Media's $6.4billion takeover in January, as Carey, sporting manager Ross Brawn and commercial manager Sean Bratches, try to bring Formula 1 out of the dark ages.
And Carey has said the time has come to stop rejecting proposals and become more open-minded about the future of Formula 1.
"Day-to-day I find a level of frustration," Carey said via Press Association Sport.
"It was very much a sport that got into a habit of saying "no" too much. I want to be saying "yes" to a whole lot more.
"What is the value of having an idea if the answer to everything you want to do is "no"? All it does is create frustration.
'There are an array of things that weren't done that needed to be done. We felt it was a sport that for the last five or six years had really not been managed to its full potential or taken advantage of what was here.
"Bernie's style was divide and conquer – to keep everything very close – but we want it to be a spirit of partnership in that we compete on the track.
"The teams, the promoters, Formula One and the FIA all have a shared vision of where we want the sport to go and building it in a way that is healthy for everybody."
Carey also stated that some decisions will not be rushed and that it will take time for Liberty Media to put their stamp on Formula 1.
He added: "We care more about where the sport is going to be three years from now than three months from now. Bernie was always very focused on the short term, and our focus is on building long-term value.
"Some of the decisions that were made needed to have a better process to think through. The current engine, for example, ended up being too complicated, too expensive, and lost some of the sound that added to the mystique of the sport.
"We will do things and some things take time – you are not going to have a new engine in two months because if you tried to do that you are going to do more harm than good.
"We want to make sure we have the tools to manage the business as opposed to throwing things out there so somebody has a media story."