Formula One’s top dog: Why F1 needs to cut costs

Written by Staff Writer, CNN F1 chief executive Chase Carey says the 2019 Monaco Grand Prix will only be a three-day event in future, citing Monaco’s size and cost. As part of a wider…

Formula One's top dog: Why F1 needs to cut costs

Written by Staff Writer, CNN

F1 chief executive Chase Carey says the 2019 Monaco Grand Prix will only be a three-day event in future, citing Monaco’s size and cost.

As part of a wider cost-cutting review, the Formula One commercial director believes Formula One races need to be shorter.

“It’s going to be three days at the moment,” Carey told CNN F1 Arabia on Thursday night. “Probably that’s the way the series is moving.”

Carey says they wanted to save around $150 million over the next three years, which includes cutting the Monaco Grand Prix by two days.

Speaking to CNN in Monaco, Carey said: “The Monaco Grand Prix is about 700,000 people attending, with half of those attending day and half at night.

“Monaco has a very specific costs to it. To be realistic, we have to look at every single race.

“Monaco cost over a $150 million, we have to look at everything, is a very intensive cost and we are cutting expenses across the board, across the teams as well.”

The Monaco Grand Prix received 5.8 million euros ($6.1 million) in sponsorship from the Monaco Tourism Office during the 2015 season, according to news website Prix-247.

As part of a shake-up of the series’ management structure announced last week, Carey will replace Bernie Ecclestone as F1’s chief executive in 2019, taking over from Britain’s Chase Carey.

The sport is also entering a new television deal that will last through to 2030.

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