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New Formula One chairman Chase Carey has said that the sport's new owners Liberty Media aren't there to take the money out of the sport.
When the announcement was made that the media conglomerate would be taking over the sport, many, including current F1 CEO Bernie Ecclestone, were quick to point out that the company are in business to make money.
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However, Carey has insisted that is not Liberty Media's only concern and they want to be involved long-term.
"Of course, profits are important – but realistically the primary goal of the business that I have been in has always been to build long-term value," Carey said. "So the goal is not what can be achieved in the next 12 months, but where you are going to be in three to five years.
"Liberty, to its credit, has a history as a long-term shareholder. They are supportive and they know their business, as they have been in the media and entertainment space," he added. "It sure is not 'take the money' with a focus on how to get the profits up in the next 12 months - it's about how to build long-term value.
"So the focus will be investing and building over time. That is the mindset that we bring and hopefully it will enable us to bring Formula One to the next level."
Carey said that at first he wants to adjust to the sport and learn before making changes.
"Realistically what I am doing in the next few months is probably more listening to what people have to say, and adjusting that," he said. "Yes, it is a sport with a wide range of constituents, so it is important to understand what each of those constituents' objectives are, what their issues are."
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