Lewis hamiltons win at the turkish grand prix the other day guaranteed him a place in history with a record-equalling seventh world championship.

These types of foreseeable dominance is just one facet of the recreation new f1 chief executive, stefano domenicali, desires to challenge with sweeping modifications to stimulate fiercer rivalries regarding the track and attract an innovative new, more youthful audience.

The lamborghini chief executive and former ferrari team employer takes fee from january, following the summary for the existing season.

He will should lead a monetary data recovery, following huge losses suffered through the pandemic, and faces difficulties that precede coronavirus.

Industry professionals, group proprietors, supervisors, and drivers say that, under mr domenicali, f1 must reach new television audiences and sponsors by getting more exciting, much more digital, much more eco-friendly, and bigger within the us.

Bernie ecclestone, who led f1 for many years before becoming ousted by liberty media after its takeover, said the new chief executive needs to be allowed to act without interference from owners.

It wont be simple for him anyway but itll be much easier than if he needs to get authorization from some body, he said. once i went the business basically saw something that required performing we didnt talk to my grandmother...i got on along with it.

Mr domenicali deals with a difficult economic environment this is certainly placing force on broadcast and sponsorship spending plans.

He also should not be expectant of a simple trip from those near the top of the grid, such as for instance mercedes, with no intention of relinquishing its grip over the sport.

The greatest difficulties are generate a spectacle with more variability and much more unpredictability, said toto wolff, group principal and minority shareholder into the mercedes group. we'll try everything to counter that.

Liberty media, the group controlled by united states billionaire, john malone, which obtained f1 for $8bn four years back, has actually struggled to develop its revenues.

Chase carey, a fox corporation board member and confidant of rupert murdoch, who had been appointed f1 chief executive in 2017, features over and over repeatedly acknowledged your sponsorship market has proven harder to split than anticipated. f1 made 15 per cent of revenues from sponsorship this past year. total incomes were $2bn, a little up from approximately $1.8bn in each one of the prior couple of years.

In the 1st two quarters of 2020, revenues had been simply 7 per cent regarding the $866m generated in identical period per year previously, because of a four-month delay towards the start of season.

Mr carey, who will stay chairman, was able to protect essential broadcast earnings by staging a season, albeit mostly in europe, set to hold 17 grands prix in 2010.

Column chart of revenues, trailing 4 quarters ($bn) showing f1 profits plummet

But despite a rebound in the third one-fourth, the series sustained working losses of $363m in the 1st nine months, considering reduced costs from competition promoters and a hit to business hospitality without fans in attendance. in april, liberty media had been obligated to inject $1.4bn of cash into f1, which furloughed half its workforce and decided income slices with professionals to weather the pandemic.

Mr careys reign was used by the urgent must secure obligations from all 10 f1 teams to make the sport much more competitive. this season he persuaded constructors, such as the huge three of ferrari, mercedes and red bull, to sign up to a different concorde agreement, a deal that governs just how cash is split.

The revised contract will divide f1s profits more uniformly among the list of teams, whilst including a $145m cost limit next period. these steps are made to reduce the advantages enjoyed by the big three groups, which often dominate the podium at the cost of smaller rivals such williams.

A large rule modification will dissipate the industry, said christian horner, group principal at red bull racing, the last staff other than mercedes to win the championship. we just wish were regarding the right side of this bend.

Under liberty medias ownership, f1 has reached new audiences through netflix show, drive to endure, which showcased teams and motorists, and spin-off esports video gaming activities. but the typical age f1 fans continues to be 40.

Another lacking component is the recreations fairly weak profile in america, where its just grand prix is in texas. mr carey confirmed this thirty days that long-running covers staging a race in miami, florida was indeed pressed straight back because of the pandemic.

It would only take a couple of extra races to create a big difference in the usa, relating to zak brown, chief executive of mclaren racing, a uk-based group.

A fruitful united states motorist is whats secret, said mr brown. a very important thing [f1] can do is try and get an additional event truth be told there.

But mehul kapadia, main running officer of the motorsport network, an electronic media team, stated: it's an uphill battle to create exactly the same types of attraction there [the us] like in europe.

F1 is preparing accurate documentation 23-race schedule in 2021, including a fresh grand prix in saudi arabia, creating on an international sponsorship partnership with condition oil business aramco.

This move threatens further controversy, with amnesty international accusing saudi arabia of sportswashing to distract from the record on individual rights.

Mr hamilton, that has been a vocal supporter associated with the black life thing promotion, stated f1 cannot ignore the peoples liberties problems in nations from the circuit.

Sustainability is another key concern for mr hamilton. he intends to enter a team into extreme e, the off road race championship for electric suvs, in its debut season next year. alejandro agag, the spanish businessman who founded extreme e, also setup formula e, an electric powered automobile rushing replacement for f1, has used its green qualifications to woo sponsors.

Column chart of running income, trailing 4 quarters ($m) showing f1 profits veer off track

The pressure is on f1 to act. honda features made a decision to stop f1 after next season, partly because it desires to focus on creating electric cars. this makes three motor manufacturers to provide the 10 teams, another limitation to strong competition.

Last year, f1 pledged to be carbon simple by 2030 and it is seeking to build on its move to v6 crossbreed turbo motors through the old gas-guzzling 2.4-litre v8s in 2014.

But nico rosberg, the previous world winner motorist, who was an earlier investor in formula e, stated f1 hadn't done adequate to communicate the effectiveness merits of the crossbreed machines.

As a sport they still need to do a lot more and theyre on training course to doing that, said mr rosberg. exits as with honda tend to be a reminder to exactly how rapidly f1 has to go.