InDaily

Adelaide's independent news

Support

Ecclestone ousted as Formula One boss after 40 years

Sport

Bernie Ecclestone’s 40-year reign as Formula One’s supremo has ended with the sport’s new owners Liberty Media replacing the 86-year-old Briton with American Chase Carey.

Comments
Comments Print article

Liberty said in a statement early this morning, Australian time, that Carey had been appointed chief executive in addition to his current role as Formula One chairman.

Ecclestone was appointed ‘Chairman Emeritus’ with Liberty saying he would remain “available as a source of advice for the board of F1”.

“I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula One,” Ecclestone said in the statement.

“I am sure that Chase will execute his role in a way that will benefit the sport.”

Carey, a 62-year-old who was executive vice-chairman 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 sports governing body, the International Automobile Federation (FIA), and has been valued at $US8 billion ($A11 billion) including debt – is expected to be completed imminently.

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 One 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.

-AAP

We value local independent journalism. We hope you do too.

InDaily provides valuable, local independent journalism in South Australia. As a news organisation it offers an alternative to The Advertiser, a different voice and a closer look at what is happening in our city and state for free. Any contribution to help fund our work is appreciated. Please click below to become an InDaily supporter.

Powered by PressPatron

Comments

Show comments Hide comments
Will my comment be published? Read the guidelines.

More Sport stories

Loading next article

Subscribe to InDaily – it’s free!

South Australia’s locally owned, independent source of digital news.

Subscribe now and go in the monthly draw* for your chance to WIN a $100 voucher!

Subscribe free here

*Terms and conditions apply

Welcome back!

Did you know it’s FREE to subscribe?

Subscribe now and go in the monthly draw* for your chance to WIN a $100 voucher!

Subscribe

*Terms and conditions apply