Marketing is an investment, not a cost.

F1 is a fight for people's time. There are millions of options today for how to spend it. That is probably the biggest difference from 1968 to now.

If you pay 50 million for something, you probably pay another 50 to 100 million to activate it. And the more you spend, the better you do. There is no point in just buying rights.

If you run a country and want to put it on the global map you don't have so many choices. You can get the Olympics, the World Cup or a Formula One race. And the first two are only every four years - and you have them only once.

Just take the lack of presence of F1 in the United States. In theory - and logically - you would have an East Coast Grand Prix, a West Coast Grand Prix, and I think you should have a street race in Detroit - it is still the motor capital of the US. You stay in the US for four weeks and could have two to three races, certainly two.

In an era of transparency, you can have innovation without branding, but you cannot have branding without innovation.

I was carrying Jackie Stewart's bag! Formula One was pretty much the same back then.