Formula 1 CEO and chairman Chase Carey expects the sport’s race calendar to increase over the coming years, with the 2020 schedule likely to have 22 races.
Next year’s calendar has yet to be confirmed. New races in Hanoi and Zandvoort have already been announced, while Spain or Germany – both currently out of contract – could still sign additional deals and Carey says there is work ongoing to expand the season.
“We expect to announce the 2020 calendar in the next few weeks,” Carey said. “We’ll probably wait until we have that out there. We’re close to finalizing it – I think it’s largely finalized now.
“In general what I’d say about the calendar is we expect the number of races over the next few years to increase a bit. I think there’s a limit to how much, but I think we do expect it to go up marginally. As we announce the calendar we’ll provide more insights as to when and where that occurs.”
However, Carey also warned that while F1 is flexible with its race-hosting contract models and willing to negotiate different rates, there are some existing deals he feels the sport is not getting value for money from.
“I guess first, we do view this as an area of revenue growth for us?” he said. “To put it simply, it’s not steady, not consistent with every event. Some events are different. In some places the events are more mature. But we do expect and do look for this to probably increasingly be an area of opportunity for us.”
“We actually are very excited about the demand, interest, the number of places that want to host a race. Obviously supply and demand is important, and therefore we value our historic relationships, but it is important to carve out opportunities to add a new race when the demand is there and the appetite is there for stepping up for that.
“And I think there’s some places where we inherited situations where we were not receiving what we should be receiving when we came in. So I guess between the supply and demand being in our favor, the increase in our race calendar, and addressing a couple of places where we are not receiving what we think we can and should be, we do expect this to be an area of growth for us.”