Bernie Ecclestone’s 40-year Formula One Reign Ends
Formula One chief executive Bernie Ecclestone has been removed from his position after Liberty Media officially completed its £6.4bn takeover of the sport.
The 86-year-old has been in charge of the motor racing series for nearly 40 years and has been replaced by Chase Carey, who had already been appointed chairman.
Ecclestone has been given the honourary title of chairman emeritus, in which he will act as a source of advice for the new owners, but will not be part of the decision-making process.
In addition to Carey being named as CEO, it was also announced former ESPN vice-president, Sean Bratches will take on the commercial side of the business and ex-Mercedes team boss, Ross Brawn will become the managing director of motor sports. Both Bratches and Brawn will report to Carey, the former CEO of 21st Century Fox.
Bernie Ecclestone said: “I’m proud of the business that I built over the past 40 years and all that I have achieved with Formula One. I would like to thank all of the promoters, teams, sponsors and television companies that I have worked with.
“I’m very pleased that the business has been acquired by Liberty and that it intends to invest in the future of Formula One. I am sure that Chase will execute his role in a way that will benefit the sport.”
Chase Carey commented: “I am excited to be taking on the additional role of CEO. Formula One has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, [governing body] FIA, promoters and sponsors on their ideas and hopes for the sport.
“I would like to recognise and thank Bernie for his leadership over the decades. The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the Formula One family.
“Bernie’s role as chairman emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build Formula One for long-term success and the enjoyment of all those involved.”
Greg Maffei, president and CEO of Liberty Media Corporation, added: “We are delighted to have completed the acquisition of Formula One and that Chase will lead this business as CEO. I’d like to thank Bernie Ecclestone for his tremendous success in building this remarkable global sport.”
Image: ©Getty Images
