Chase Carey News

Australia is part of the motor-sport history as the country has been hosting Formula 1 World Championship since 1985.

Ferrari were the only absentees last year, with Formula One`s oldest, most successful and glamorous brand reserving judgement.

Formula One's commercial agreement with teams expires at the end of 2020 with talks underway for a potential transformation of the sport, with plans for budget caps and more equal distribution of the revenues.

Hamilton won nine of 20 races in 2017 and set an all-time record of 72 career pole positions as well as scoring points in every Grand Prix.

The current logo was introduced in 1987 when former commercial supremo Bernie Ecclestone, now 87, was in charge.

Formula One has no desire to emulate U.S. stock car racing, chairman Chase Carey said on Thursday in response to criticism from Ferrari boss Sergio Marchionne about increasing standardization in the sport.

Carey said India should have a Grand Prix considering its rapid growth as a nation.

Carey succeeded Ecclestone in January after Liberty Media's $8.3 billion takeover of F1.

Liberty Media president and CEO Greg Maffei said Carey, 62, would lead the business from now on and thanked Ecclestone for his "tremendous success" in transforming Formula One into a $1 billion business.

Ecclestone was equivocal when asked whether he had been engaged for another years, answering: "Let`s see, let`s see..

The primary concern, however, was building long-term value and investing in the future.

New Formula One chairman Chase Carey said some had already expressed an interest in investing.

Formula One has hundreds of millions of fans, and Carey said in a statement that he sees opportunity to develop it.