F1 Group CEO: There are no 'free lunches'

The Chief Executive Officer and Executive Chairman of Formula One Group Chase Carey has warned constructor teams that there are 'no free lunches' in the sport following a sharp drop in revenue for the teams this season and insisted the owners of the sport, Liberty Media, are aiming for long-term improvements, not short.

The prize money for the 2017 season is reportedly down £31 million from the previous campaign in 2016, with the reason for the fall being attributed to Liberty's focus of funds leaning more towards infrastructure, staff, and promotional activities rather than money for teams.

The F1 teams haven't been shy in airing their criticism at the decrease, but Carey insists that the owners will continue to improve the sport in the long-term, and sacrifices will be made to continue the evolution.

"We were clear that really in the short-term we're investing in building the sport for the longer-term," he said during a F1 Q&A.

"I've said it before: I think the sport has been underserved by a continual short-term focus [under Bernie Ecclestone's leadership].

"I think we've got some fresh momentum back into it.

"A lot of things were not going in the right direction in recent years, but this year attendance is up, viewership is up and I think we've got a much more positive spirit behind it.

"The sport needed fresh energy and investment.To grow things – well, to use an American phrase, there are no free lunches."

Carey went on to list off a number of issues which were prominent during the previous regime, and claimed that Liberty Media's widespread changes since taking over Formula One have been completely necessary in order to develop the sport and ensure long-term success.

"We didn't have an organisation that was able to properly develop, to build the sport.

"We had no research, we had no marketing, we had no digital organisation.

"When we started the year, the first three months of the year we had three people.

"If you look at things like the marketing and research and digital, our head of digital started three months ago, our head of marketing started four months ago.

"We have been putting the team in place as the year has evolved. In many ways a large part of our operating organisation is new. Before, we really didn't have a large part.

"We had a financial and legal staff but we didn't have an organisation able to support the business operationally.

"Realistically if you don't have capabilities like that, you are going to fall behind."