Carey preparing for a long term setup

Chase Carey the CEO of Formula 1 has responded to recent criticism by explaining how they are looking long term when it comes to their F1 plans.

Grand prix promoters recently released a statement criticising Liberty Media’s communication and decision making, it was expressed by 15 different races.

Liberty Media’s first set of drastic changes are not expected until 2021 but Carey believes they are looking for long term partnerships.

"We want to build long-term partnerships and I'm sure it's important to bring new energy into the picture,” Carey told ESPN.

“We need a fresh wind. Vietnam is a new race, which will be great if you look at the worldwide reactions of the fans.

"There are markets that we want to open up and those in which we want to strengthen our presence.”

The company have identified America and China as two markets they want to cash in on and Carey spoke about growing in these areas.

“In America, we are present in Texas, but we think there are more opportunities to grow there.

“We value our current partners and most contracts are long term as well, so I expect most of them to continue,” added Carey.