Ecclestone no longer at the wheel
Formula One hoping change of ownership will help elite series recover lost prestige
Bernie Ecclestone’s reign over Formula One ended yesterday after Liberty Media officially completed its takeover of the series and named American Chase Carey as the new chief executive.
Carey acted quickly by naming former Mercedes team principal Ross Brawn as managing director of motorsports, a move that was expected to be widely welcomed as the series prepares for rule changes it hopes will win back disgruntled fans.
It also brought the curtain down on Ecclestone’s long and often controversial governance of F1.
In recent years particularly, issues were regularly raised about the topheavy distribution of wealth in the series and fears raised about the future of famed races such as the Italian Grand Prix and the German GP — which has struggled to host races — in the face of rising track fees.
Ecclestone was criticised for overlooking historic popular races to develop new frontiers in F1 such as Abu Dhabi, Bahrain, Russia, and Azerbaijan, which held its first race last year.
F1 has been indecisive recently, with rule changes imposed and reversed, such as the double points rule on the final day of the 2014 season, and unpopular changes to qualifying that were quickly scrapped.
The overly strong influence of a
I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula One. Bernie Ecclestone
handful of big teams and Ecclestone was seen by many observers as ironfisted and undemocratic, as well as being unfair on smaller teams like cash-strapped Manor, which is battling against administration.
The takeover came five days after motorsport’s governing body approved of F1 being sold to Liberty Media, a US company that invests in entertainment and sports.
“I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula One,” the 86-year-old Ecclestone said.
As a TV executive, Carey helped to launch Fox Sports and FoxNews, and took over from Rupert Murdoch as CEO of News Corporation. Carey praised Ecclestone.
“(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,” he said.
Last September, Liberty Media Corp, which is controlled by 75-yearold tycoon John Malone, ended years of uncertainty about the ownership of F1 when it first announced plans for a takeover.
With Liberty’s shareholders having approved the move, an FIA green light was the last regulatory step.
F1 is poised for a shakeup. Changes such as wider tires, car design, louder engines, and more overtaking opportunities are set to make F1 more exciting again in a bid to win back unhappy fans amid flagging attendances.
“There is an enormous opportunity to grow the sport,” Liberty president Greg Maffei said. “We have every confidence that Chase, with his abilities and experience, is the right person to achieve this.”
Retired world champion Nico Rosberg said the time was right for a new era. FOOTBALL ICE HOCKEY TENNIS