New managing director for commercial operations of Formula 1 Sean Bratches explained that there are four key areas of growth and development which are the current priorities of the new management structure.
Liberty Media appointed a new management structure of Formula 1 on Monday with Chase Carey as new CEO and managing directors Ross Brawn (motorsport) and Sean Bratches (commercial operations). Main goal is to make Formula 1 more popular, interesting and more appealing to fans.
Sean Bratches, former CEO of American sports TV ESPN, revealed to CNN that the key priorities of the new management structure and how they plan to execute them.
“There are four things that I’m going to focus on,” Bratches said for CNN.
“The first thing is the brand – the brand is entry point for every company, every brand, every sport. And we will work to understand the brand, polish it and elevate it. It will really be the focus of our activities and enable us to enter new markets . ”
“The second is digital. I think we have a great opportunity in the digital space to reimagine the digital products that Formula 1 has today and to engage fans in very new ways and also to use for sponsors to activate in.”
“The third is to create a more democratic approach in terms how we approach partners – teams, sponsors, promoters and rights owners .”
“And the last one is the race experience. Creating a better race experience for fans, the spectators on the track and on television is a huge opportunity.”
Formula 1 has under delivered in commmercial aspect
New Formula 1 CEO Chase Carey, who replaced Bernie Ecclestone, believes that Formula 1 can achieve tremendous development in the commercial terms since they didn’t invest too much in that area.
He pointed out that sports such as Major League Baseball have more than 80 people working on sponsorship acquisition and F1 has only one person wuth nobody working on marketing.
Commercial director Sean Bratches praised the Formula 1 as a sport that has done a lot, but thinks it has under delivered in commercial aspect.
“Undoubtedly it is a Super Bowl every other week and I think that’s going to be an emphasis od ours,” said Bratches.
“Generally speaking, I think the sport has under punched its weight class to date. I have a point of view on that, but I’m not going to share that with you.”