Formula One’s new commercial rights holder promises more money for the sport

Formula One boss Chase Carey has responded to reports the Monaco Grand Prix could be cut to three days.

The 24th Circuit de Monaco has proved very popular with a large fan base over the years and has also been praised for maintaining its safety record.

However, some fans may miss it because it will be limited to a single Sunday race weekend when the event moves to a three-day format in 2022.

The extension to Monaco’s schedule will result in less testing next year and the year after.

However, F1’s new commercial rights holder is optimistic the investment in the sport will also see an improvement in the quality of teams.

Speaking to Sky Sports in his first public interview following his appointment, Carey stressed the risks involved with F1 not investing any more in the sport.

“We need to invest more money in sport and new ideas to grow the sport,” he said.

“F1 is young, it’s sport in its infancy, it needs to show it can reach an audience all around the world and is accessible to people at every level of the economy.

“If we don’t invest further in the sport, then next year there will be less tests. You have to be ready for the tests to change and to innovate. If you wait too long then the format will change.

“There is a limit to how much investment you can make but you have to keep innovating and keep being courageous. If I want to invest in F1, then I want to be doing innovation and taking risks.”

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