F1's Carey: Series aiming for 24-race calendar in coming years
Formula 1, the prestigious motor racing series, “expects” to move to a 24-race calendar “in the next few years”, outgoing chief executive Chase Carey has said.
Carey outlined the plans on an investors call yesterday, noting: “We will probably rotate a few races so we will be able to accommodate a few new partners.”
He added, though, that these new partnerships “will be limited, as long-term partnerships continue to be our priority.”
In 2021, the series has 23 races scheduled in provisionally, dependent on the situation with the ongoing coronavirus pandemic.
This year, only 17 races will be possible in total, because of the disruption to the calendar caused by the pandemic in spring and early summer, which has ended up limiting races geographically, to Europe and the Middle East.
The series has never had over 21 races in a season before, with the one entirely new venue next year set to be Jeddah, Saudi Arabia, which will host a night race in November.
Carey will hand over to Stefano Domenicali, the former team principal of Ferrari, in January 2021, with Carey to then take up a new role as non-executive chairman.
Meanwhile, a special-purpose acquisition company (SPAC) created by Formula's owner Liberty Media is attempting to raise $500 million through an initial public offering in the US.
The SPAC, Liberty Media Acquisition Corporation, said in a regulatory filing that it was planning on selling 50 million units at $10 each.
LMAC will list the units on the New York Nasdaq under the symbol LMACU.
It has said it will then search for targets in the media, music, entertainment, communications and technology industries.
Liberty Media’s current management team will remain in charge of LMAC.
Liberty took over Formula 1 in January 2017, for an enterprise value of $8 billion.