The Sports Bay

Formula 1

Bernie Ecclestone 40 Year Reign As Formula 1 Chief Ends

The 40-year-old reign of Formula 1 chief executive officer, Bernie Ecclestone may come to an end this week according to media reports

This is as a result of the takeover of F1 by US giant Liberty Media which values the sport at $8bn (£6.5bn).

Ecclestone said in September he had been asked to stay on for three years but Liberty wants a revamp and mounting belief is he could be eased aside.

Liberty has already employed Chase Carey, a former executive at Rupert Murdoch’s 21st Century Fox, as chairman of F1.

And senior F1 sources say American Sean Bratches, a former executive at television network ESPN, is poised to be appointed to run the commercial side of the sport, including sponsorship, marketing and media rights.

Ross Brawn, the former Mercedes team boss and Ferrari technical director, is expected to take up a role in charge of relations with the teams on the sporting and technical side.

According to BBC, Bernie Ecclestone is unlikely he would accept an honorary role as life president if it was offered.

Senior sources expect that Ecclestone’s departure will happen within a month, even if he does not go this week. He is currently on a skiing holiday.

Liberty last week cleared the final hurdles required before finalising its takeover, with approval of both its own shareholders of the deal and then that of F1’s governing body, the FIA.

All that remains is for the final commercial deals to take place that will see Liberty take over from investment group CVC Capital Partners as the company running the sport.

Liberty’s target, when it paid the first instalment of its buy-out, was for that to be completed before the end of the first financial quarter this year. But it is now expected in the coming days.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

The SportsBay is a sports news digital magazine dedicated to bringing our growing local and international audience premium content in the world of sports. The desire to enrich and update our readers is one of the factors having this site up. Our goal is to fill that gap and keep readers and followers abreast with cutting-edge content.

Football Data

Latest soccer scores info. Football results, table & fixtures being loaded.

To Top
%d bloggers like this: