Chase Carey has hit back at his predecessor Bernie Ecclestone following comments made in Bahrain last weekend.
While attending his first race since being ousted as Formula 1 supremo, Ecclestone admitted that he "charged too much" to race hosts in the past.
"Sooner or later I'm frightened that the governments behind them will say enough is enough, and bye bye," said the 86-year-old.
Carey, Ecclestone's successor as F1 chief executive, blamed Ecclestone for not doing enough to deliver value to the high-paying promoters.
"[Fees] were agreements between two parties that valued the franchise how it was valued," he told Financial Times.
"Nobody was tricked, but has F1 invested in the right way to support the events? It's not that the deal is overpriced, it's more 'Did we deliver where we should deliver?'."
"[Ecclestone] managed for short-term profits, we are managing for long-term value."
The championship continues with the Russian Grand Prix on April 30.
