Formula 1 Eyes Massive Expansion

It's already one of the world's most watched sports, but the new guys in charge of Formula 1 want more.

More teams, more sponsors and more circuits are all on the wish list for F1's owners Liberty Media, who took control in January.

In the first sign that big changes are on the way - the sport's tight social media rules were relaxed on Monday.

That meant teams and drivers up and down the grid were allowed to post pictures and videos from the pits.

Lewis Hamilton has already promised more action on his Instagram and Twitter accounts, even from his Mercedes cockpit (not while driving, we hope!).

Commercial managing director Sean Bratches says there'll be few areas of the business that'll be left untouched.

"There will be a point in the season ... where we start to effectuate change," he said during the first pre-season test in Barcelona.

"It's not going to be ... where we just drop our vision one day and that's the vision. It's going to be a build and we are going to be very aggressive. We are going to try new things, all in the spirit of better serving Formula One fans."

And the new owners have made it clear they're ready to do some big deals to grow the sport worldwide.

"We'd love to see more teams, we'd love to see more sponsors and we'd love to see more circuits in the right places," said Bratches.

"Places that we believe are growth-oriented and can improve not only from a fan standpoint but improve the overall economics, drive television revenues, drive sponsor engagement and interest, create opportunities for teams and drivers."

Backmarkers Manor pulled the doors down on their garage in January, leaving only 10 teams standing.

But so far, no one's come forward to fill the void.

"In the Premier League or National Football League or Bundesliga, if a team goes up for sale there's 30 individuals or entities that want to buy it. When Manor goes out, that's not the case today," he said.

"So we have to make this a better business on the promoter side, on the team side. The rising tide will float all boats."