It is widely acknowledged that Formula 1 racing owes much of its success to the Monaco Grand Prix and to Ferrari. This key role in the sport’s profile is reflected in Formula 1’s revenue sharing. Monaco is the glamorous face of Formula 1, and Ferrari is its iconic brand.
Formula 1 and the glamour of the Grand Prix
The Monaco Grand Prix, along with a Grand Prix in Italy and Britain, has been one of the fixed points on the sporting calendar since 1950. For many of those who follow Formula 1, it is the high point of the racing year, standing out from the sport which formed it, and a street race that epitomises excitement.
Times are changing, though, and an uncertain future lies ahead for Ferrari and its relationship with the Grand Prix. The loss of the iconic rosso corsa, or Racing Red, cars would leave Monaco’s Grand Prix a poorer race.
Ferrari may quit
Sergio Marchionne, Ferrari’s Chief Executive warned that Ferrari could quit Formula 1 if the sport’s new owners, US-based Liberty Media, take the sport in a direction that he is at odds with. Liberty Media has proposed changes, both to engine regulations, and to the prize structure – changes which the Italian team are not happy about.
Prince Albert of Monaco admits to a fear that Marchionne is serious when he says he will take Ferrari out of F1. He is not the only one who believes that Ferrari and Monaco are interlinked in the minds of Formula 1 fans. The Ferrari name and brand has a magic surrounding it, and the glamour of the red cars is one of the reasons that fans congregate at luxury venues such as the Third Floor Ermanno Palace to watch the race.
Prince Albert believes that Liberty Media has some very good ideas, especially praising the new emphasis on communication and the delivery of a good show. The Monaco Grand Prix is all about a good show, with many venues offering hospitality during the race. Examples such as Ermanno Palace offer a selection of viewpoints, and it would be sad if Ferrari was no longer part of the view.
The Prince thinks that the changes will attract new enthusiasts, appealing to different age groups and fans with broader interests.
