Future strategic challenges for Formula 1 racing in the sports industry. Thorough detail and explanation needed.

1. Statement In this activity you study one of the most high-profile of global sports which generates the highest levels of revenues from media, sponsorship, gate receipts etc. but which in recent years has faced several crises and appears to be losing its appeal to both sponsors and fans. . Sequence: 1: Study the course materials from Units 1 & 2 2. Research from the web articles and features on Formula 1 3. Develop an opinion of what is Formula 1's "core business" 4. Assess the likelihood of success of the actions being taken by new management under the new "business model" 5. Formulate and defend an opinion on the possibility of returning the sport to its "former glory days". . Objectives: The learning objectives to achieve in this activity are: o Demonstrate a clear understanding of the key strategic issues and major management concepts in a major global sports industry Extrapolate conclusions about the future challenges facing the industry (Formula 1) in the light of recent developments