Chase Carey has given a bracing verdict on the problems facing Formula One after 40 years of Bernie Ecclestone’s supremacy, describing decision-making within the sport as “somewhere between ineffective and dysfunctional”.

On his first full day as chief executive of the F1 empire that Ecclestone created, Carey, who made his reputation as a hard-edged negotiator at 21st Century Fox, did not temper his words as he lamen­ted the sustained failure of the business to exploit its global reach.

With the takeover by Liberty Media, the US conglomerate he represents, now approved by all parties, Carey acknowledged that the Byzantine world of F1 politics had taken him aback.

“The problems are across the board,” he told The Telegraph. “We’re not marketing the sport, we’re not enabling fans to connect with it on the platforms that are available today, our sponsorship relations are one-dimensional, the events feel old, the hospitality feels as if it’s at least 15 years old.

“There’s a transparency to what we are doing, there’s a context in which decisions are being made. It’s not a case of everybody playing a game of poker, trying to bluff each other. At the moment, it’s not the way it should be if you want a business to be run well.”