|So far under Chase Carey F1 is not making as much profit as when Bernie Ecclestone was running it like a dictator|
Formula 1 CEO Chase Carey's remuneration is "heavily tied" to the financial performance of the organization he runs, Liberty Media confirmed, according to Adam Cooper of MOTORSPORT.
The news comes as Liberty's overall results showed that from April to June, F1 earned revenues of $616M, up 3% on the equivalent period last year.
However, operating income fell from $90M to $45M, a drop of 50%, "as operating expenses and others costs rose."
Expanding on Carey's arrangements, Liberty CEO Greg Maffei said, "We don't plan to publish his contract, but I did want to share with you the fact that the substantial majority of Chase’s compensation is performance-related, and tied into the operational performance at F1 directly, or the stock of the F1 Group."
Carey confirmed that the F1 Group's costs "will rise as it continues to recruit senior staff." In addition, it "made other investments in areas such as the London event, and its pursuit of new digital technology." Carey: "The corporate head count has been sort of 70-75, and it has probably about doubled. We're still building it out." MOTORSPORT