F1 CEO Stefano Domenicali believes threats posed to the sport are a “wake-up call” and will help ensure mistakes won’t be made during his tenure.
The Italian took over at the helm of F1 in January, taking over from Chase Carey as the sport prepares to embark on its new era from 2022 onwards with radical changes being implemented.
Whilst the new breed of car, the budget cap introduced this season and the agreed engine freeze have been positive steps for F1, there have been threatening circumstances in tow, with the Covid-19 pandemic an obvious example.
When asked about such negative influences, Domenicali responded: “Threats are a good signal to keep you alive, to keep you awake.
“There are threats in terms of platform, the fact that younger generations could be attracted to other things, there could be threats that the market is potentially evolving away from the traditional manner of selling the product.
“Technologically there is a threat if we choose technologies that are wrong. The threats are around, but I consider them to be a wake-up call to ensure we don’t make mistakes.”
The major changes to the sporting, technical and financial regulations were mostly cemented before Domenicali took his position.
Whilst the former Ferrari team principal is keeping an eye on the implementation of next year’s regulations, he believes plans will be set for the mid-decade power unit changes by halfway through the current season.
“The first step is next year: new regulations, new car, and a lot of anticipation around this car,” he explained.
“The first step is to create a more competitive environment. Don’t forget that this year, we have put in place the cost cap, which is another element that is keeping the business sustainable in Formula 1.
“This is the first step, but we are already thinking about the step afterwards and that’s not only the powertrain.
“We have the next six months to work around the complete project of the car that will take us to 2030. We are in a good moment.
“The FIA and Formula 1 are working together with the teams and with the manufacturers to shape a strong future for the sport and this is, for me, very important.”