And there are some - Bernie [Ecclestone] and others - who are embracing new technologies. When Sky UK started to broadcast there was an argument that audience would come down because it is pay TV. But the actual quality of the production and the use of technology and the engagement of the viewer is much better than it ever was. The product is simply better.

That is again a romantic notion: the hero. I think people enjoy a much more levelled playing field where you have the ability for many people to become heroes.

Despite streaming, despite the rise of tablets and smartphones - all the implications which in theory would make linear TV less important - live sporting events are extremely powerful. But it's not the event alone - it's also what's surrounding it.

If you look at the rights situation - what media companies pay - then you see that the rights prices continue to rise for powerful sports. Now what does that tell you? It tells you that the demand amongst global and local sponsors for these kinds of sports is immense, even if there is controversy attached to them like FIFA - who would definitely be number one on that list, though F1 has also been somewhat controversial.

If you look at the sponsorship yields, Formula One - because it happens every year - generates more sponsorship money for a four-year cycle than anybody else. So it is very powerful.

The challenges some European economies have are such that it makes it very difficult for them. You have to go where the growth is.

[Formula One] is entertainment and it competes with other entertainments - and not with other racing formats. It competes with people's time on a weekend. So you have to deliver.