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Carey: 'No free lunches' as F1 invests to overcome short-termism
New Formula 1 CEO Chase Carey says that he's focussed on long-term expansion plans and warned teams of tougher times ahead, saying that there will be 'no free lunches'. Carey was quoted in an official Formula 1 interview after it emerged that this year's total prize fund was down £31m compared to 2016. The downturn is a result of increased investment in staff, infrastructure and promotional activities since Liberty Media's takeover. "We were clear that really in the short-term we're investing in building the sport for the longer-term," Carey explained. "I've said it before: I think the sport has been underserved by a continual short-term focus [under Bernie Ecclestone]. I...
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