LONDON, England - Formula 1 has created a new working group with an eye on future generations.Brazil's Totalrace reports F1 created a modern working group headed by Williams' deputy boss Claire Williams. The report's first proposals will be discussed at the next meeting of the strategy group.Earlier in November 2014, Wheels24 reported that Bernie Ecclestone caused a stir when he said he was not interested in marketing the sport to young people.NEW GENERATION OF FANSHe said 70-year-olds had the money to buy a Rolex and not youngsters but even his close friend Red Bull team boss Christian Horner, hinted Ecclestone's comments were a concern.Horner said: "When you're 84, a 70-year-old is still pretty young."Ecclestone hit back by denying he ever spoke against the world's "younger generation". He told Reuters: "I said children. I don't know how many six or seven-year-old kids there are with a Rolex."Ecclestone also denounced social media such as Facebook and Twitter. The sport continues to rely almost exclusively on its traditional model of generating income by selling exclusive TV rights to broadcasters. TV ratings however are declining. Mercedes team boss Toto Wolff told the German trade magazine Sponsors: "There is no longer this Sunday ritual of turning on the TV on a Sunday afternoon and watching for hours. People want their products when they want and where they want.""If, like F1, you generate $600-million (R6-billion) of your income from traditional TV you aren't just going to tell the broadcasters that from now on we're doing everything for free on YouTube."