Mercedes chief Toto Wolff says Liberty Media has “done the right thing” with its approach to the new senior management structure in Formula 1.
Liberty completed its takeover of Formula 1 on Monday, with Chase Carey replacing Bernie Ecclestone as CEO, adding to his existing position as chairman.
Liberty also appointed Ross Brawn and Sean Bratches as managing directors, with Brawn focusing on the sporting side and Bratches concentrating on the commercial arm.
“If you look at the track record of Chase and his colleagues, it says everything,” Wolff said during an interview posted on Mercedes’ official website.
“They are experts in TV rights, experts in US sports and they have hired experts in Formula 1 to cover that blank spot.
“They have done just the right thing, hiring experts in their respective fields. Ross has been in Formula 1 forever and has seen the sport from the team side.
“He is going to give them the right guidance, together with the teams and the FIA, to develop the sport in the right direction – staying true to its values but, equally, assessing the areas that function well and the areas which we should be developing together in order to grow the sport even bigger.”
Wolff also paid tribute to outgoing CEO Ecclestone but says the sport must relish the new opportunities under Liberty.
“In terms of my personal experience, I wouldn’t be in Formula 1 without Bernie,” said Wolff.
“He supported me back in the day at Williams and, even if we had some ups and downs with Mercedes, it always stayed very amicable.
“We had a good relationship – although we disagreed on the business side. But that’s how it should be.
“When you stay at the top of an organisation as long as Bernie did, it is clear that it will be shaped in your image. He had the great ability of always being present.
“When there was a fire somewhere, even one that he might have ignited, he put it out quickly.
“With the change of ownership, it will now take a new direction. It’s going to be different than it was in the past. Now, we have to make the most out of it and grasp the opportunity.”
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