Bernie steps down as Liberty takes over F1
LIBERTY Media has officially completed its takeover of Formula One, and Bernie Ecclestone has been replaced as the chief executive.
Monday’s 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.
Liberty said in a statement on Monday that the transaction price represents an enterprise value for F1 of $8-billion (R107-billion) and an equity value of $4.4 billion (R60-billion).
The 86-year-old Ecclestone, who has been in charge of the series for nearly 40 years, remains as an honorary chairman and will be an F1 adviser, according to Liberty. American Chase Carey is the new CEO.
Ecclestone says, “I’m very pleased that the business has been acquired by Liberty. I am sure that Chase will execute his role in a way that will benefit the sport.” - AP
86-year-old Bernie Ecclestone.
Sebastien Ogier during the Rally Monte Carlo.