Chase Carey Speaks at Baku conference amid tensions

Azad Rahimov tells Chase Carey they are losing their shirt with F1

The Azerbaijan government is not sure it will agree to a new race deal with F1 chiefs.

Baku hosted its first race on the historic city streets in 2016, with the contract having been negotiated with the now former F1 supremo Bernie Ecclestone.

Now, sports minister Azad Rahimov is planning to stage talks with Liberty Media after the 2018 race in April.

"Within three months after the grand prix, we must give an answer to the leadership of formula one about whether we will extend the contract for another five years until 2025," he told Tass news agency.

"Everyone understands that the contract we have now is unacceptable. I think the new leadership of formula one understands that as well," Rahimov added.

"We are talking about a number of commercial conditions, sponsorship rights and the price that we pay," he continued.

"But I think both ourselves and the leadership of formula one have the desire to leave the race here."

BHMSE Conference in Baku

Carey tries to Buffalo him with an answer about the future of F1

Baku City Circuit (BCC), promoter of the Formula 1 Azerbaijan Grand Prix, today welcomed the CEO & Executive Chairman of the Formula 1 Group, Chase Carey, to the 2018 Conference on the Benefits of Hosting Major Sports Events (BHMSE) in association with Azerbaijan Automobile Federation and the American Chamber of Commerce in Azerbaijan at Baku’s famous Heydar Aliyev Centre.

In a sign of the event’s growing stature, the new head of the Formula 1 Group, Chase Carey, took to the stage to discuss his vision for the future of Formula 1 and in particular how the sport and its many global promoters can better work together to deliver unrivalled, world-class race weekends whose long-term influence will last long after the champagne has dried on the podium. Also representing the sport’s governing body alongside Carey, was Formula 1’s Global Director of Promoters and Business Relations, Chloe Targett-Adams, who elaborated further on the new owners’ improved commitment to working more effectively with race promoters to maximize the many benefits hosting such a major sporting event can bring.

The symposium – now in its second year after a successful inaugural event last year – was attended by over 300 delegates and also featured stellar contributions from high-profile representatives including key figures from within the Azerbaijani government as well as its business, technology and travel industries.

The special one-day conference provided a unique platform for F1’s commercial rights holders, the Azerbaijan Grand Prix promoters and businesses and political representatives from across the region to come together to share their own experiences and discuss and analyze the economic and social impact, importance and benefits that staging major sporting events can have on host cities and nations such as Baku and Azerbaijan.

In between sessions, all speakers also participated in a lively and engaging Q&A sessions with delegates and attending media.

Speakers at the 2018l BHMSE conference included:

• Chase Carey, CEO & Executive Chairman of the Formula 1 Group
• Chloe Targett-Adams, Group Global Director of Promoters and Business Relations at Formula 1
• Azad Rahimov, Minister of Youth and Sports of the Republic of Azerbaijan
• Abulfas Garayev, Minister of Culture and Tourism of the Republic of Azerbaijan
• Arif Rahimov, Executive Director of Baku City Circuit
• Eldar Hajiyev, Vice-President of CJSC Azerbaijan Airlines

Speaking afterwards, Arif Rahimov commented on the success of the second successive BHMSE Conference: “It was a great honor to welcome Chase Carey to Baku today and to hear him speak so passionately of his vision for the future. It is yet another sign of how Formula 1’s new ownership is committed to working better with promoters to further improve the race weekend experience for everyone, whist ensuring that the sport leaves a lasting legacy in its host markets for years to come. We have also been overwhelmed by the response of our many delegates today and the enthusiasm with which they, and in particular our guest speakers, have embraced this relatively new event. It has been both reassuring and motivational to hear from our colleagues how if we all work together, we can all win together. The 2018 BHMSE conference has been another step in the right direction and further highlights the desire of everyone here at BCC to maximize the long-term economic, social and cultural benefits of hosting the fastest street race in Formula 1 in Azerbaijan. We are already excited to meet again for the third installment next year."

Chase Carey, also commented earlier today: “It was an honor to be invited to Baku to speak at the second annual BHMSE conference in this stunning setting. One of the central goals of our new vision for F1 is a closer and more mutually beneficial cooperation with our race promoters. What has been made very clear today is how much of an impact Formula 1 has on a host city in economic, social and cultural terms. We want to continue to harness the power of our wonderful sport to help our partners continue to grow and succeed in the manner that Baku clearly has over the past few years."

For more information on how to purchase tickets and plan your stay in Baku for the 2018 Formula 1 Azerbaijan Grand Prix please visit: www.bakucitycircuit.com.