The US Media ginat Liberty Media has completed a £6.4Bn takeover of Formula One and removed Berine Ecclestone from his post as CEO. The british businessmen has been the sports commercial rights holder for fourty years.
Ecclestone’s future was thrown into doubt last week following the aproval by regulators off the sport and now the deal has been complete. Ecclestone will remain in the sport as chairman emeritus, Chase Carey will succeed him has CEO.
Earlier today he told German media “I was deposed today. I am simply gone. It’s official. I am no longer the leader of the company. My position has been taken by Chase Carey.
Last week, Liberty was given shareholder and FIA approval to takeover the sport from investment group CVC Capital Partners as the company running the sport.
“My new position is one of those American terms. It’s something like an honorary president. I have this title now, even though I don’t know what it means.” Ecclestone turned the sport into a billion pound business, controlling the comerical rights. It’s been a remarble rise from a used car saleman, team owner to F1 CEO.
Carney said “I am excited to be taking on the additional role of CEO. F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport.”
Carney says Formula One wouldn’t be the sport it is today without Ecclestone, his talent to lead and “he will always be part of the F1 family.” Carney says that there is untapped opportunities for the sport and he has enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport.
The story of Ecclestone is remarkble racing driver then moving into driver management. Before taking control of the television rights in the 1970’s and the commercial side of the sport, including sponsorship, marketing and media rights.
All that for a man born into povery in Suffolk before moving to Bexleyheath in the 1950’s becoming a use cars saleman. His on F1 career never got anywhere with two DNQ’s in 1958.
Former ESPN executive Sean Bratches has been apponited to running the commercial side of F1, while ex-Mercedes team boss and Ferrari technical director Ross Brawn, to run the technical side.
Brawn told F1.com “It’s fantastic to be returning to the world of Formula 1. I’ve enjoyed consulting with Liberty Media these last few months and I’m looking forward to working with Chase, Sean and the rest of the Formula 1 Team to help the evolution of the sport. We have an almost unprecedented opportunity to work together with the teams and promoters for a better F1 for them and, most importantly, for the fans.”
The sport faces a new era off track and the question facing the sport is how it can go on without Ecclestone as its ringmaster.