Ecclestone: I was deposed today, I’ve gone
Bernie Ecclestone’s 39-year reign as Formula 1 supremo is over with the glamour sport’s new owners, Liberty Media, replacing him with American Chase Carey.
Liberty Media have confirmed reports out of Germany that Ecclestone has been replaced, releasing a statement including comment from the Briton.
‘‘I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with,’’ Ecclestone said in Liberty’s statement.
‘‘I’m very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport.’’
In a supporting statement, Carey praised Ecclestone for what his work in developing the sport.
‘‘[F1] 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 F1 family,’’ Carey said.
Earlier, German magazine Auto, Motor und Sport reported comments from the 86-year-old Ecclestone.
‘‘I was deposed today. I’ve gone. That’s official. I am not running the company anymore. My position has been taken over by Chase Carey,’’ Auto, Motor und Sport reported Ecclestone as saying.
Ecclestone had been at the top of Formula 1 since the 1970s when in 1978 he became chief executive of the Formula One Constructors Association that won the TV broadcast rights to the sport.
Ecclestone would continue to be involved, appointed as honourary chairman of the board.
Retired F1 world champion Nico Rosberg said the time was right for a new era.
‘‘Bernie, mega job! But a change has been overdue,’’ Rosberg said on Twitter.
‘‘Mr Carey, all the best in making our sport awesome again.’’
Carey, a 62-year-old American who was executive vicechairman of Rupert Murdoch’s 21st Century Fox, was appointed F1 chairman in September when Liberty took over the sport’s commercial rights from CVC Capital Partners.
The acquisition, which has now been approved by Liberty shareholders and the International Automobile Federation (FIA), was valued at US$8 billion (NZ$11B) including debt, or NZ$6.2B without.
The deal has been broadly welcomed in a sport featuring famous car brands such as Ferrari, Mclaren and world champions Mercedes.
Carey has spent his time since September familiarising himself with the sport, and has made clear that fundamental changes need to be made to the business model.
Formula 1 currently lacks a marketing department and has derived much of its revenue from television rights and race hosting fees, with Ecclestone making the deals.
The Briton has also taken the F1 circus to new destinations, such as Azerbaijan and Bahrain, that are prepared to pay handsomely to host a round of the championship even if they lack the motorsport heritage of historic European circuits.
Liberty, owned by US cable TV mogul John Malone, has emphasised the importance of the traditional venues and wants to expand in the Americas.
Auto, Motor und Sport said Carey would take on the dual function of president and chief executive with Ecclestone remaining on the board but removed from dayto-day management.
Former Ferrari technical director and ex-mercedes team boss Ross Brawn has been widely tipped to take on a role on Carey’s leadership team.