Bernie steps down as Lib­erty takes over F1

The Star Early Edition - - MOTORSPORT -

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.

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