Formula 1 CEO and Chairman Chase Carey has issued an assurance that the championship will not be economically affected by the United Kingdom’s impending departure from the European Union.
The United Kingdom voted to leave the European Union in 2016 and, under current legislation, will no longer be a member of the political body after March 29.
There is currently no deal in place between the United Kingdom and the European Union regarding the exit procedure.
Politicians in the United Kingdom will vote on a withdrawal agreement in the coming weeks, but the deal already offered by Prime Minister Theresa May has been rejected by Parliament.
A series of votes are scheduled to be held through March 12 – 14, but if that is rejected then the notion of a no deal ostensibly increases, unless both the United Kingdom and the European Union opt to extend Article 50.
Seven of the 10 Formula 1 teams are currently based in the United Kingdom while an eighth – Toro Rosso – is based in Italy but also has a factory in the United Kingdom.
Mercedes boss Toto Wolff has previously described Brexit as the “mother of all messes” for Formula 1 and while Carey has admitted to some logistical planning, he reckons the series will not be economically affected.
“I'd say the economic issues are… I do think we feel pretty immune to them,” Carey said during Liberty Media’s conference call to discuss its 2018 results.
“I mean, Brexit, we've got some logistical issues that are more sort of, if you end up and no deal with Brexit, how do we get in and out of Britain with various equipment?
“But it's not a financial issue, it's more logistic that we are in a contingency planning for things like that.
“Yeah, I think we are immune. I guess I'd say the reasons, I think, being global, well certainly on European base for a global business and we're unique.
“I think those [industries] that probably feel it the most are ones that are more commoditised and we're not — I think it also helps that we're largely a contract business.”
Carey added that he has been enthused by the interest shown by various businesses and sponsors since the company’s arrival two years ago.
“I mean we really do feel that we've got some wind in our back,” he said.
“In our focus, in the last 24 months has really been as much of that building interest in fans, creating momentum in the business, creating momentum in the sport and then, as we now move to monetise that [and to] sort of get the story told, create us some momentum.”
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