Yas Marina CEO under pressure to produce

Monday 2nd November 2009

Richard Cregan has confirmed he is under pressure to make money on the most expensive circuit in Formula One history.

The CEO of Abu Dhabi Motorsports Management believes the inaugural grand prix was a success.

The Yas Marina venue, an oil-funded Ł800million jewel, certainly provided a stunning backdrop to the season-ending grand prix.

The sport's first day-night race itself, though, won by Red Bull's Sebastian Vettel, arguably did not do the setting justice until a dramatic ending provided by Mark Webber and Jenson Button.

Although the event was a 50,000 sell-out, it is hard to imagine how money can be made, particularly as the entire island project is due to cost a jaw-dropping Ł22billion.

The Ferrari World theme park, Warner Bros theme park, Yas Mall and world championship golf course are all due to be completed by the middle of next year, ensuring it becomes a year-round attraction.

As for the circuit, calendar dates are already being filled with other motorsport events and, unlike other tracks such as Turkey and Shanghai, it should retain its popularity.

As for eventually making a profit, that is hard to imagine but, like any business, Cregan maintains it is the bottom line that matters.

"My brief is to make money and that's come from our chairman, His Excellency. He has made that very clear," said Cregan on what is being demanded from Abu Dhabi's ruler, Khaldoon Khalifa al Mubarak.

"What's expected is we make money, we make this place pay, that Yas Marina becomes a successful project in terms of financial issues as well as everything else.

"So far he's been pleased. He's had a lot of positive feedback. In general, we're in a very positive place and we're very happy with that.

"But we're at a time where we need to deliver. Formula One is a tough business.

"We've invested a lot of time and effort in making this a good circuit and we want to maintain that but we've a lot of work to do."

Cregan is convinced Abu Dhabi will continue to succeed where other new circuits are now struggling to attract the fans.

"A lot of new grands prix tend to fall off after the first year," remarked Cregan.

"But we will have even more to offer, in terms of the facilities and the other attractions, that will compensate for that.

"The opening of Ferrari World and the like won't necessarily increase the demand but it will ensure there is a constant demand.

"We've already got people looking to book tickets and hotels for next year, so we believe we'll be able to provide an equally successful event.

"This year we've had a great response from everybody - the teams, the fans, the officials. Everybody has given us a big thumbs-up.

"We know very clearly we have things to work on as it's our first event but it's been a great success.

"We've worked very hard to deliver a quality event that will keep people happy for many years to come.

"We've already got a good infrastructure and we've got a lot of plans for the future to keep upgrading this facility and making sure we focus on customer care, customer attention.

"In return we're going to help move Formula One forward, so it's a two-way thing, a joint venture between ourselves and (F1 supremo) Bernie Ecclestone. That's what we want to build on."

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