30.2 C
Accra
Thursday, December 5, 2024
WorldFormula 1: Race organisers express concerns over future of the sport

Date:

Formula 1: Race organisers express concerns over future of the sport

Formula 1’s race organisers have expressed concerns over the future of the sport and demanded a more open approach from its owners.

The F1 Promoters’ Association, which represents 16 of the 21 races on the calendar, say they want “a more collaborative approach from F1” in future.

They are worried about the loss of free-to-air television, a lack of clarity over rules and F1’s attempts to attract new races.

The race organisers will express those concerns to F1 bosses in London on Tuesday.

The circuits’ intervention comes at a delicate time for F1, with the contracts of five major races all up for renewal at the end of this season. Britain, Italy, Spain, Germany and Mexico are all out of contract after this year.

All want to continue to host races but say they cannot do so under the financial terms on offer from F1, which is owned by US group Liberty Media.

Silverstone managing director Stuart Pringle is the chairman of the F1PA. He told the Daily Mail: “Everyone is disgruntled. Liberty’s ideas are disjointed. We have all been compliant and quiet hitherto, but we have great concerns about the future health of the sport under the people who run it now.”

Race-hosting fees are the single biggest source of revenue for F1, so the circuits hold a strong hand in discussions.

Liberty are determined to make major changes to the way F1 is run. But talks on their plans to introduce a budget cap, reorganise revenue distribution to the teams and change the technical rules to make the racing closer have been slow.

The circuits say it is a risk for them to be asked to plan long-term contracts with a partner without knowing the direction in which the product is heading.

They have been concerned by what they believe was Liberty’s willingness to offer an advantageous deal to Miami for a race-insiders claim that it was effectively offered a race for free, so keen was F1 to secure an event in the Florida city. Efforts to finalise a deal have so far foundered.

A statement said: “There is a lack of clarity on new initiatives in F1 and a lack of engagement with promoters on their implementation.

“New races should not be introduced to the detriment of existing events although the association is encouraged by the alternative business models being offered to prospective venues.”

The circuits are also concerned that the migration of TV coverage away from mass-market outlets towards either pay television or direct to consumer through F1’s own outlets will inevitably restrict the sport’s appeal.

The UK is the latest market to effectively lose live coverage of races in 2019.

A new contract, negotiated by former F1 boss Bernie Ecclestone before Liberty took over, kicks in which sees live coverage of all races on Sky this year. Only the British Grand Prix will be live on free-to-air, on Channel 4, which also has highlights of the other 20 races.

This follows a similar move in Italy last year.

F1’s overall TV audience has grown in the two years since Liberty took over, for the first time in a decade. The total audience in 2017 was 1.755bn and 1.758bn in 2018.

Live race audiences dropped slightly from 2017 to 2018, the total brought down by a decline in Italy, without which numbers would have gone up year on year.

The race tracks believe that moving from free-to-air will inevitably restrict F1’s reach to a casual audience, removing part of the audience, and restricting it only to hardcore fans.

The races represented by F1PA are: Australia, Austria, Azerbaijan, Belgium, Brazil, Canada, China, France, Germany, Hungary, Italy, Mexico, Singapore, Spain, UK and the USA.

F1 declined to comment.

Source: bbc.com

[forminator_poll id="710479"]

Latest stories

Ghana’s external reserves improves to $7.7 billion – Finance Minister

Finance Minister Dr. Mohammed Amin Adam has indicated that...

Clash over voting perimeter interrupts special voting at Koforidua Police headquarters

A dispute at the Koforidua Police Headquarters disrupted the...

LIVESTREAMING: Final rallies of NPP, NDC underway

The final political rallies of the New Patriotic Party...

Video: Pastor Love allegedly celebrates after fulfilling GHS2 million bail requirement

Ex-husband of Ghanaian gospel musician Christiana Love, Pastor Hammond...

EC rents speed boats for smooth electoral material distribution in Afram Plains

The Electoral Commission (EC) has introduced speed boats to...

Voting perimeter dispute at Koforidua Police Headquarters during special voting

Tensions erupted at the Koforidua Police Headquarters in the...

Be prepared to win or lose – Goodluck Jonathan tells Ghanaian candidates ahead Dec 7 elections

Former Nigerian President, Goodluck Jonathan, has appealed to candidates...

Related stories

Biden grants full pardon to son Hunter amid criminal sentencing

US President Joe Biden has granted a full and...

Court issues 2-year suspended death sentence to former Bank of China Chair for bribery, others

Former Bank of China chairman Liu Liange on Tuesday received...

Ghanaians among UN peacekeepers injured in Southern Lebanon attacks

The UN peacekeeping force in southern Lebanon has reported...

Russia denies Trump told Putin to restrain Ukraine war efforts

The Kremlin has rejected media reports suggesting that US...

More than 100 detained as protesters defy Amsterdam’s ban on protests

Dozens of pro-Palestinian protesters were arrested in Amsterdam on...

Traffic jam erupts as cyclists from Zhengzhou to Kaifeng for dumplings

A social media trend that began as a lighthearted...

Adin Ross wins $1.6m on Trump election bet after public endorsement

American streamer and social media influencer Adin Ross scored...