14:22 – Formula 1 CEO and Chairman Chase Carey has warned teams that there are “no free lunches” in the sport, following the downturn in revenue during Liberty Media’s first full year in the sport.

Formula 1 teams have voiced concern that they are set to receive less prize money in 2017, as a result in the reduction in revenue, compared to previous seasons.

Carey, though, says that the reduction is due to Liberty taking a longer-term view compared to its predecessors, and insists its approach will ultimately benefit teams.

“We were clear that really in the short term we’re investing in building the sport for the longer term,” said Carey.

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