Bratches: 'F1 is like managing a start-up'

Formula One commercial chief Sean Bratches has claimed that there are so many aspects of the sport that need developed that it sometimes feels like he is 'managing a start-up' company as Liberty Media continue to ring the changes following their purchase of F1 last year.

The American company is looking to evolve F1 into a more successful business, with a huge emphasis being put on marketing the sport into more geographical areas.

Bernie Ecclestone, the former owner of F1, has been accused of having an old-school attitude when running the business, with aspects such as digital presence being ignored.

Bratches and Liberty will make changes they believe will evolve F1, but claimed some parts of the sport were underdeveloped.

"The biggest surprise was there was no sponsorship team, there was no media rights team, there was no digital team, there was no research team and no research," Bratches said.

"So having an entity that is 67 years old, with a global brand, with over half a billion fans, with a rather enviable balance sheet, to have no commercial team was quite astonishing.

"I think that when you take a step back and look at the lay of the land in terms of how successful Formula 1's been without any focus on the commercial side – with this global brand, half a billion fans and doing well financially – think about the opportunity where you can bring in 21st century business practices and leadership.

"So in effect I really believe that I'm managing a start-up," adds Bratches.

"While there were a number of things that were done extremely well, there are a litany of opportunities that were laying fallow that are right to be exploited to better serve Formula 1 fans around the world and drive good business to not only Formula 1 but our broadcast partners, our sponsorship partners, promoters and fans."