Thuesday, 13 february 2018, 07:33 , by Matthew Scott

Australian Grand Prix boss Andrew Westacott has claimed that the sport of Formula One has 'huge untapped potential' and has praised Liberty Media for trying to make Grand Prix races into a bigger spectacle than they currently are, as well as their steps towards building the brand.

Liberty Media have been owners of the sport for over a year now and have polarised opinion with their changes, in particular the decision to ditch the tradition of grid girls. However, they have been praised for their attempts to try and reach more fans digitally as well as promoting F1 more heavily.

In London recently, F1 bosses invited Grand Prix hosting dignitaries to a meeting to discuss the future, and Westacott was happy with what he heard.

"F1 wants to move from being a motorsport company to being a media and entertainment brand, and we recognise that we're in that mix," he told Autosport.

"I'm extremely happy, and I think their vision is underpinned by three things - great racing, an amazing spectacle, and engaged fans.

"For us running the show here, none of that comes as a surprise to what we do and what we see that fans want. I'm extremely enthused about what they're doing and how excited they are.

"There is huge untapped potential in the sport of Formula 1. There's a feeling of a different approach and a different philosophy, and it aligns perfectly to what we've been doing in Melbourne for many years and what Melbourne does with all of its events.

"We've got to raise the bar every year. And I wanted to talk about areas where I want to raise the bar even more.

"What's vital, and is helping us, the fact that there's positive direction and positive sentiment now in Formula 1 is building on our own initiatives and as a result of many different things we're in a stronger sales position several weeks out from the event than we have been for a decade."