Formula One CEO Chase Carey says the sport needs to become ‘a place new teams want to enter’.

Speaking at the FIA Sport Conference in Manila, Carey described how F1 commercial rights holders Liberty Media is planning to make the sport more affordable and open it up to new competitors.

“There are a lot of things underway that will bring more competitive balance, more action on the track [and] more unpredictability,” he said.

“Predictability is not good in sports,” he said. “You want the unexpected, you want the memorable moments that you didn’t see coming. You want that underdog win, you want those sorts of things to happen.”

The disparity in revenue between the biggest and smallest teams has created predictable racing and made the sport unattractive for potential newcomers, Carey believes.

“The economics of the sport have got to a pretty challenging place for many of the teams.

“We want it to be a place that new teams want to come into. We want it to be a place everybody’s excited to be a part of, not just fans, the teams as well.

“We have a lot of things going on, working in partnership with the FIA, that can really bring the sport to where we think it can and should be to really engage fans around the world.”

The only new team to enter F1 in the last eight seasons is Haas, which arrived in 2016. Formula One last had a full grid of cars in 1995.

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2018 F1 season