Oct.15 (GMM) Question marks are arising about Stefano Domenicali’s job at the very top of Liberty Media-owned Formula 1.
Last week at the Il Festival dello Sport event in Trento, the Italian boasted about the transformation and surge in popularity enjoyed by F1 under his reign as CEO.
“If F1 had remained tied to the old themes, it would not have had this evolution,” he told Sky Italia.
“We had to understand the sensitivity of those who follow us, with different ages, opinions and sensibilities. It is a platform that has gone from being purely sporting to entertainment,” Domenicali, the former Ferrari boss added.
“The drivers remain at the centre, but we have expanded the product through social media, stories, and thinking about the need to attract younger people. And this is giving us great credibility on a commercial level.
“We have never been so strong,” said Domenicali. “Everyone wants to come, because F1 is where you have to be. What we have done in a short time has been incredible, and now we have to think about expanding further.”
However, reports in the British, Spanish and German specialist media suggest Domenicali’s involvement in blocking Andretti-Cadillac from entering the sport, triggering US political investigations, could now be a problem for his forthcoming contract renewal negotiations.
The 59-year-old is apparently contracted only until the end of 2025, with Spain’s Diario Sport claiming Christian Horner, Toto Wolff and Zak Brown could be the frontrunners to potentially replace him.
German journalist Ralf Bach, meanwhile, says Domenicali’s name appears prominently in the US department of justice investigation that was triggered by F1’s rejection of the FIA-approved Andretti team bid.
However, former F1 driver Ralf Schumacher says there is no denying that the sport is currently riding a wave of meteoric growth that only really began after Domenicali’s predecessors Bernie Ecclestone and Chase Carey departed.
“Even in Bernie’s time, people thought that it couldn’t get any better,” he told Sky Deutschland. “And today, Formula 1 is worth well over 20, almost 30 billion euros. The teams are worth almost two billion euros each.
“You can see the enthusiasm worldwide,” Schumacher added. “The drivers are well known, not least through Netflix. It has taken on a whole new dimension.
“The premium brands are coming back, which for a while were moving a bit more towards electric. But that’s over now because Formula 1 has simply become more modern and sustainable. And somehow there seems to be no upper limit at the moment.”