Ferrari chairman Sergio Marchionne says it's important new Formula 1 owners Liberty Media start improving the entertainment side of the sport as soon as possible to stem the loss of fans, which has been in steady decline over the past few years.
Marchionne has warned that Ferrari cannot keep committing itself to the sport if numbers continue to decline, as the vast sums it spends on Formula 1 are currently offset by the marketing return.
However that might not be the case in the future if the current trend isn't reversed, therefore Marchionne says it's important Liberty Media acts now.
"We cannot keep on committing to a sport that has decreasing audiences for a variety of reasons," he said during an investor call this week. "We need to re-popularise the sport and we need to make it more accessible.
"I would expect Liberty and Chase [Carey, F1 CEO] in particular would have a very clear understanding of the fact that the entertainment side of this needs to come back into play.
"There is a lot of work that needs to be done. We will do our part as the Scuderia in making sure that happens, but that work needs to get underway in earnest now."
However Marchionne does expect things to improve this season with the move to quicker cars and lower degradation tyres, which should allow drivers to push for much longer.
"What I do expect to be honest is the sport itself to do better in 2017. I think there will be a great basis for us to continue and continue our commitment to Formula 1 and to really set the basis for a post-2020 world."
Discussion about this post