Let’s park the negativity and enjoy Silverstone

Preparing for Sports Pro’s ‘Black Book Race Forum’ on Thursday morning, where I joined a panel to discuss the governance of Formula One, I found myself reflecting on the inevitability of yet another session of hand-wringing over the list of issues besetting the sport. It can be hard going at times these days.

Falling TV audiences in some key markets. A season once again dominated by one team. Engine regulations which have increased the costs and robbed us of the sound. The absence of an all-encompassing commercial agreement. The means by which the rich teams continue to get richer and the poor teams poorer. Tony Fernandes’ decision to quit F1 and sell Caterham to a group of anonymous investors. New regulations for 2015 prompting derision within the media and on social networking. Bernie Ecclestone’s assertion that social networking is just a phase we are going through, and that you cannot make any money from it. Bernie Ecclestone’s court case in Munich. Bernie Ecclestone’s succession planning, or more correctly the succession plan which the sport’s private equity owners may, or may not, have in place.

I could go on.

Yet, as we decamp to Silverstone, it’s worth considering how this important race weekend will underline the inherent strengths of Formula One, and its enduring appeal. Yes, there is much work to be done but, as the fans will demonstrate, there remain very large numbers of people who enjoy seeing exceptionally fast race cars, built by the world’s greatest teams and driven by some of the very best drivers.

Silverstone, a heritage circuit, scene of the first Formula One World Championship event in May 1950, and the ‘home race’ for 8 of the 11 teams, will help remind the jaded why the sport benefits from some very deep foundations.

Formula E is currently all the rage in terms of press coverage and euphoria. Partly because it is ground-breaking with its all-electric power train, partly because it has put a big dent in Formula One’s profile through some superb PR, and partly because of the buzz created by having new teams and exciting driver line-ups. There are ex-F1 drivers, future F1 drivers and, wait for it, even female racing drivers. What’s not to like?

But, of course, Formula E has yet to stage its first race. And having competed in, and won, the last new ‘world championship’ for single seaters with my team Status Grand Prix – as Team Ireland in the A1GP World Cup of Motorsport – I can confirm that having ex-F1 drivers, celebrity team owners, new venues, lots of PR and enormous launch parties is all very well; ultimately supply and demand will determine whether over a 3 to 5 year period the revenues, costs and thus profitability are sufficient to stack up. I wish Formula E well, and there are certainly some very committed and knowledgable backers involved.

Formula One, meanwhile, is extremely profitable, long established and continues to provide a visceral battle, on and off the track, at the very pinnacle of motor sport. One of my co-panelists at the Race Forum, Mark Alexander from Meet The Crowd, made the point that there is plenty of cash in Formula One. While we worry about the small teams, the lack of sponsorship, the audiences and so on, the fact remains that the sport is in rude health in terms of overall revenues; it all comes down to how they are shared and, equally as important, how they can be grown in the future.

I remain optimistic. Bernie Ecclestone has built the sport of Formula One into a formidable business. Whilst Bernie bashing has become an increasingly popular past-time, he will ultimately pass it on to a younger leader, and most likely new shareholders, who will have huge opportunities to develop it much further.

The scope for Formula One to benefit from a significant ‘bounce’ in the years ahead is strong, and we should all spend a little less time examining the negatives in such excruciating detail.

My recommendation is to enjoy Silverstone this weekend and reflect on the fact that many would have you believe this to be a sport in crisis. If that’s the case, I cannot wait to see how formidable it will look when its further potential is unleashed in the coming years; it’s only a matter of time.