Latest news with #StefanoDomenicali
Business Insider
7 hours ago
- Automotive
- Business Insider
F1 CEO says drivers are its 'protagonists' and drama is good for business
Formula 1 CEO Stefano Domenicali is on a mission to expand the company's global footprint and grow its US audience — and that means spotlighting the "protagonists" of the sport. "They are our jewel, our stars," Domenicali said about F1 drivers at a press roundtable on Monday. Unlike in sports like football or baseball, he says it can be a challenge to make F1 drivers "the face" of the sport when they're not as physically visible during races. With drivers shielded by cars and fully suited in helmets and gloves, it can be tough for fans to get to know the drivers behind the wheel, the CEO said. High-profile films like "F1: The Movie," starring Brad Pitt, or the Netflix docuseries "Formula 1: Drive to Survive," help generate buzz. The CEO also said that tension between drivers and clashes on and off the track can be good for business — and there's been no shortage of such. Races have resulted in many iconic moments, like the on-track collision in 2021 between Lewis Hamilton and Max Verstappen, which triggered an outburst from Mercedes team boss Toto Wolff. Domenicali joked that there's some truth behind the idea that "all press is good press." He said it's generally good when people have something to talk about. The CEO added that viewers are "attracted" to the "sporting drama" and casual fans may be especially interested in the lifestyle aspect of the races. As the company expands its global footprint and reaches more Americans, Domenicali said F1 needs to "cover a very wide portfolio" of viewers and understand the specific needs of each segment. That means using different narratives and languages to tell the story of the sport, Domenicali said. F1 has already proved successful in diversifying its fan base to some degree. The company's audience has grown to 41% female, compared to 37% in 2018, a spokesperson told BI. While "there are limits" to drama involved in the sport, the tension has added to its competitive nature, especially as F1 increasingly evolves into an entertainment brand. Domenicali said the company wants drivers to have different personalities rather than being "20 clones" of the same person. At the end of the day, F1 embodies much more than driving, he said. "If you want to drive, Uber driving can offer you a great opportunity to do a lot of driving," he said.
Newsweek
2 days ago
- Automotive
- Newsweek
Thailand Plots Huge Economic Success With $1.2 Billion Bangkok F1 Race
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Thai government has officially sanctioned a budget of $1.2 billion to host a Grand Prix in the capital city of Bangkok. With several Grand Prix venues reporting a significant economic impact through Formula One, Thailand is eager to host a street race. A 3.54-mile street circuit is being planned through the Chatuchak Park area, and the inaugural race is expected to take place in three years. A report by Autosport states that Thailand and F1 will enter into a five-year contract starting in 2028. The confirmation of a street race in Bangkok arrives months after F1 CEO Stefano Domenicali met with Thailand's Prime Minister Paetongtarn Shinawatra to discuss the ambitious plan. Considering the economic boom local economies experience through F1 races, the global demand for F1 is witnessing an upward trend. Oscar Piastri of Australia driving the (81) McLaren MCL39 Mercedes leads the field into turn one at the start during the F1 Grand Prix of Spain at Circuit de Barcelona-Catalunya on June 01, 2025 in... Oscar Piastri of Australia driving the (81) McLaren MCL39 Mercedes leads the field into turn one at the start during the F1 Grand Prix of Spain at Circuit de Barcelona-Catalunya on June 01, 2025 in Barcelona, Spain. MoreThe news of setting aside $1.2 billion for the event was announced by tourism minister Sorawong Thienthong in a press conference. Government spokesperson Jirayu Houngsub revealed his confidence in hosting an F1 race. He said: "In the next two-three years, Thailand will have world-class competition, which we never thought would happen in Thailand." While Thailand is gearing up to potentially have its first race in Bangkok, F1 announced a fresh contract extension for the Canadian GP yesterday, which secured its spot on the F1 calendar for the next ten years. The new four-year deal extended Montreal's validity on the calendar from 2031 to 2035. Newsweek Sports reported the comments of Stefano Domenicali. He said: "As Formula 1 celebrates its 75th anniversary, it is fitting that we have announced an extension with the Canadian Grand Prix, a race that has such incredible history in our sport and is named after a true legend in Gilles Villeneuve. "Montreal is an incredible city, full of energy and passionate fans, and I am delighted to confirm that we will continue racing here through to the 2035 season and that our media rights deal with Bell Media is also extending in the long term. "I would like to thank the promoter, Octane Racing Group, for their continued efforts in upgrading this iconic venue in recent years, and all local, regional, and national political stakeholders who have worked closely together to make this event what it is today. "I would also like to thank our incredible Canadian fans. I look forward to creating more unforgettable moments in Montréal with you over the next 10 years." The announcement of the new Canadian GP deal and the upcoming race in Bangkok highlight the high demand for F1. But with the sport operating at its limit with the current 24-race calendar, it has had to drop iconic circuits such as Imola from the 2026 calendar, while Barcelona's future for 2027 remains uncertain.
Business Insider
2 days ago
- Business
- Business Insider
F1's CEO says the job comes with 'no holiday.' He explains how he stays calm under pressure.
You wouldn't guess the pressure Stefano Domenicali is under by looking at him. At a press roundtable in New York City on Monday, Formula 1's CEO appeared relaxed in a zipped-up sweatshirt. Fresh off a flight from Montreal and with the premiere of "F1: The Movie" just hours away, the CEO showed no signs of urgency, insisting he didn't have much else going on that day. "As you can see, I'm a calm person," Domenicali told Business Insider. "I'm not a guy who shouts. I don't believe in the model of shouting." Running a company is often stressful, but that pressure looks a little different when you're at the helm of a global competitive sports empire. In addition to juggling his usual chaos of international travel and coordinating races that attract hundreds of thousands of fans, F1 CEO Stefano Domenicali is also leading the company through rapid global expansion and gearing up for the release of a major film starring Brad Pitt. The 2024 F1 season set new records, with many Grands Prix races drawing more than 300,000 fans over race weekends. The sport's global fanbase also expanded to 750 million, with women ages 16 to 24 representing its fastest-growing demographic. The company also grew its social media presence 36% year over year. Domenicali said there's "no holiday" on the job, and it's normal for him to work around the clock. The 60-year-old CEO told BI he stays calm despite the demanding schedule. He said he's able to stay calm primarily because of the support he receives from his wife and kids. He said they are understanding of his work obligations, which gives him the peace of mind to stay focused while on the job. His work relationships are also key to managing his high-stress position. Being in a leadership position requires you to surround yourself with the "right people." To Domenicali, that means having people on his team who aren't "yes men." While the CEO wants positivity in his workspace, he said he also wants people to be able to tell him when they disagree. Domenicali, formerly Lamborghini's CEO and Ferrari's team principal, said he also tries to find balance by reserving time for himself in the mornings when he has a "fresh mind." "I try to regain my time, you know, very early in the morning, to have a little bit of fitness running from six to seven in the morning," Domenicali said. He also tries to stay grounded in his values and not let the position get to his head. Domenicali regularly meets with prime ministers, presidents, and business leaders like Apple CEO Tim Cook. "But I'm a normal guy, so I want to stay like that, and that's my way of thinking," Domenicali said, adding that he acts "the same way if I meet the President or your president, or if I meet my doorman." While the CEO just extended his contract leading F1 until 2029, he said he will be thankful for the day his phone doesn't ring as often. Until then, his priority is making sure the company is stable enough to handle the growth it's experiencing — and he remains grateful for the opportunity to do so. "I'm very blessed doing these things because it's a job that I like," Domenicali said.
Newsweek
3 days ago
- Automotive
- Newsweek
Formula One Announces Major Contract Extension With Canadian GP Until 2035
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Formula One has confirmed that the Canadian Grand Prix will remain on the race calendar until 2035 after signing a new four-year contract extension. The news arrived after last weekend's 2025 Canadian GP, which marked the race's 54th round since its debut in 1967. The previous contract was slated to conclude at the end of 2031. However, the new agreement with promoter Octane Racing Group and the governments of Canada and Québec has locked the Canadian GP's spot in the sport for the next decade. Despite the sport's growing demand forcing F1 to drop iconic circuits such as Imola from the 2026 calendar and placing Barcelona under threat for 2027, Octane Racing Group's ongoing commitment to enhancing the Canadian GP venue to modern F1 standards is said to have played an important role in securing the long-term deal. Race start during the F1 Grand Prix of Canada at Circuit Gilles-Villeneuve on June 15, 2025 in Montreal, Canada. Race start during the F1 Grand Prix of Canada at Circuit Gilles-Villeneuve on June 15, 2025 in Montreal, the Canadian GP contract extension, Stefano Domenicali, President and CEO of Formula 1, said in a statement: "As Formula 1 celebrates its 75th anniversary, it is fitting that we have announced an extension with the Canadian Grand Prix, a race that has such incredible history in our sport and is named after a true legend in Gilles Villeneuve. "Montreal is an incredible city, full of energy and passionate fans, and I am delighted to confirm that we will continue racing here through to the 2035 season and that our media rights deal with Bell Media is also extending in the long term. "I would like to thank the promoter, Octane Racing Group, for their continued efforts in upgrading this iconic venue in recent years, and all local, regional, and national political stakeholders who have worked closely together to make this event what it is today. "I would also like to thank our incredible Canadian fans. I look forward to creating more unforgettable moments in Montréal with you over the next 10 years." A joint statement was released by Valérie Plante, Mayor of Montreal, Caroline Proulx, Minister of Tourism and Minister responsible for the Lanaudière region, Carlos Leitão, Parliamentary Secretary to the Minister of Industry on behalf of the Honourable Mélanie Joly, Minister of Industry and Minister responsible for CED, Yves Lalumière, President and CEO, Tourisme Montréal, and Véronique Doucet, General Manager of Société du parc Jean-Drapeau. It read: "We are proud to renew this important multistakeholder partnership with Formula One World Championship (FOWC). "The Canadian Grand Prix is not only the biggest event in the country, it is also one of the most appreciated in the world. It makes our city vibrate and shine on the international scene, while generating significant economic benefits for Canadian businesses and citizens. This announcement is a concrete expression of our shared commitment to further develop the Canadian Formula 1 Grand Prix and ensure its unrivalled success for years to come."
News18
3 days ago
- Automotive
- News18
F1 Extends Canadian GP Till 2035 With New Extension
Last Updated: The Canadian Grand Prix in Montreal will remain on the F1 calendar until 2035 after a four-year extension. The Canadian Grand Prix in Montreal will remain on the calendar until 2035 after securing a four-year extension to the existing deal, Formula One announced on Tuesday. The contract renewal also includes a long-term extension to Bell Media's media rights agreement, according to the Liberty Media-owned sport. Last weekend's grand prix at the Circuit Gilles Villeneuve marked the 54th edition since the race first appeared in the championship in 1967. Circuit Gilles-Villeneuve, named after the legendary Canadian F1 driver, has been the permanent host since 1978 and is a favourite among drivers and fans. It is known for its heavy-braking chicanes, the famous hairpin, and the iconic Wall of Champions at the end of the lap. 'I would like to thank the promoter, Octane Racing Group, for their continued efforts in upgrading this iconic venue in recent years, and all local, regional, and national political stakeholders who have worked closely together to make this event what it is today," said F1 chief executive Stefano Domenicali. Four current drivers – George Russell, Max Verstappen, Lewis Hamilton, and Fernando Alonso – have all claimed victory at the 4.36 km circuit. Hamilton shares the record for most wins at the venue with Michael Schumacher, both having triumphed seven times. Next year's race will be held earlier than usual, on May 24, after switching places with Monaco to align more closely with Miami.
