F1 Miami Grand Prix’s Post

Name: F1 Miami Grand Prix on LinkedIn: #miamigp
Uploaded: 2024-06-15T16:19:07.421Z
Channel: F1 Miami Grand Prix
Description: "As a major organization, you have to be interested in getting involved in Formula 1" Richard Cregan shares his experience in Formula 1 and how his journey brought him to Miami. He dives into the value of investing in the sport. #MiamiGP x J.P. Morgan & J.P. Morgan Private Bank

F1 Miami Grand Prix

21,785 followers

3mo Edited

"As a major organization, you have to be interested in getting involved in Formula 1" Richard Cregan shares his experience in Formula 1 and how his journey brought him to Miami. He dives into the value of investing in the sport. #MiamiGP x J.P. Morgan & J.P. Morgan Private Bank

Transcript

That's where my career started in motorsport with writing that letter to Toyota in Cologne to a man called Henry Litton. He was my mentor for many, many years. Toyota decided that we would do Lamont as a stepping stone into Formula One. It was amazing when we went from Lamont to Formula One. We certainly underestimated the difficulty of Formula One. Formula One. That time was easier than it is now, within the constraints of the budget cap, the limited amount of aero time, the limited amount of track running time. All those things make it very, very difficult. The attention to detail in Formula One is second to none. I stayed there as team manager of the Formula One team until early 2009. They've been offered the job to run the Grand Prix in Abu Dhabi after Abu Dhabi did three years for the Russian Grand Prix. Then I went to work for Formula One in London for three years and then that led then to the Miami connection. Part of my job was joining the team in London and going and having a look at the various. Locations. And is it feasible? Is it not? Would it work for the strategic vision of Formula One? How does it fit into the suite of races that are already there from a geographical point of view, from an attendance, TV figures, all those kind of things? Liberty, I've done an amazing job of bringing the sport into a new age as an investor. It's an incredibly professional sport. Lots of people talk about, yeah, it's a Super Bowl every second weekend. It's like the Olympics, every second weekend like the World Cup. And that's the kind of viewership you're looking at as a major. Organization, you have to be interested in getting involved in Formula One. You cannot miss that opportunity. Many years ago you had teams changing hands for 100 million or 150 million and everybody thought Oh my goodness, that's that's incredible. You know, now these teams, the franchise is worth at least a billion dollars. That's largely due to I think the fact that Liberty ball over the sport and the developed it. Everybody became a lot more professional over the years because to attract sponsors to attract the best drivers, all those things. They had to invest in the latest technologies, bringing it to a new horizon on that level. It's a multi billion dollar sport and it's in the hands of those ten teams at the moment. And I think scarcity of a franchise has created this incredible value and I think that's why large organizations, corporations and so on who are on the outside looking in. They must feel at this stage they need to be part of this. The great thing about Miami was it added variety. There's nothing like it on the calendar. You have all these races in the US and they all complement each other now and every one of those offers. Something very, very different. So if you're an F1 fan or you're somebody looking to come into the sport as a, an investor, suddenly the, the, the, the US has now opened up and it's an incredible market if it's managed properly because there's nothing out there promotes like F1.

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F1 Miami Grand Prix’s Post

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