Newly appointed commercial chief of Formula 1, Sean Bratches, says that he has four key areas that he will focus on as Liberty Media ascend on its new acquisition with new management structure and the ousting of 40+ year veteran Bernie Ecclestone as CEO. Motorsport’s Jonathan Noble highlighted the conversation at CNN.
“There are four real things I am going to focus on,” Bratches said. “One is the brand – the brand is the entry-point for any company, any brand, any sport. And we are going to work to understand the brand.
“We are going to polish it, we are going to elevate it. It is going to be really central to what we do. That will allow us to enter new market places.
“It will allow us to take out of the market place what we should on the commercial side from sponsors, from rights holders, to promoters.
“The second is digital. I think there is a huge opportunity in the digital space to re-imagine the digital products that F1 has today, and to engage fans in very new ways and also to use sponsors to activate it.
“The third is creating a much more democratic approach in terms of how we approach our partners – from teams/sponsors/promoters and rights holders. There is a lot of opportunity to leverage the F1 IP to integrate it to their businesses.
“And the last one, is the race experience. Creating a better race experience that engages fans, spectators there and on television is a huge opportunity.”
I’ve no doubt that many may read this list and assume its order is also its ranked priority but my hunch is that they are all equally important to Bratches because they are all equally important to F1.
There is certainly the impression Liberty Media are providing that F1 has not been exploited to its fullest and I’m not sure fans would disagree when it comes to modernizing its consumption model. Bratches offers a different concept moving forward with the commercial side if the business.
“We are going to pivot this from a very deal orientated platform to one with a long-term vision that is focused on a very cadence business strategic approach to running the business.”
Without reading too much into the concept, perhaps we can look for a patterned approach to its commercial agenda and less focus on cutting deals for short-term gains. Regardless, all of the commentary from Liberty Media has been centered on the long term and that’s a refreshing concept from CVC Capital’s days as majority owners.
Hat Tip: Motorsport