It is interesting. When Liberty bought the business, you started looking at the hospitality and experiences. Could you take me back to that starting moment? What exactly did Formula 1 buy back from Paddy McNally, and how did you get started from the very beginning?

Many years ago, Bernie Ecclestone granted a license to Paddy McNally and All Sport for a fee. This license allowed them to manage two main areas, the sponsorship, so all of the trackside advertising and the partnerships in Formula 1, and the hospitality. Paddy McNally had those two things under license for many years and he ran them very successfully. On the other hand, Bernie sat in London, and all he needed to worry about was the big ticket stuff like TV rights and promoter revenue. That was where the division was split.

It is interesting. When Liberty bought the business, you started looking at the hospitality and experiences. Could you take me back to that starting moment? What exactly did Formula 1 buy back from Paddy McNally, and how did you get started from the very beginning?

When CVC came in, they wanted to reacquire Paddy McNally's business, which they did. Although Paddy wanted to retire, Bernie insisted he continue running it. CVC reacquired the business around 2006 or 2007, and Paddy continued until he convinced Bernie to let him retire. It wasn't until 2013 or 2014 that Bernie asked me to look at the business. I started in 2014, and Bernie didn't want to change much. I returned with recommendations, and we made a strategic move.

It is interesting. When Liberty bought the business, you started looking at the hospitality and experiences. Could you take me back to that starting moment? What exactly did Formula 1 buy back from Paddy McNally, and how did you get started from the very beginning?

We decided we didn't need a hospitality office in Geneva to manage hospitality for the 18 races. We had a supplier, DO & CO, based in Austria, who handled catering and more. They procured temporary structures, staff, tables, and chairs. We made a deal with DO & CO to handle everything, allowing us to close the Geneva office. This was more efficient since we are a rights business, not in the business of procuring tents and furniture. This strategic move allowed us to focus on the experience, target audience, and growth.