Bernie Ecclestone to Stay on as Formula One Boss After Takeover: Report
Longtime Formula One chief executive Bernie Ecclestone will remain involved with his beloved sport, even after an imminent takeover by a U.S.-based media company.
Ecclestone, head of Formula One for the past four decades, says he’s been asked to stay on for three years after the takeover, Reuters reports.
Liberty Media would acquire the rights to Formula One if a planned deal with CVC Capital Partners, which owns a controlling stake in F1, goes through. The deal is reportedly worth $8.5 billion.
The media company owns several telecommunications, entertainment and media properties, and is owned by John Malone — known by many as “Darth Vader” for his unique business style.
“They want me to be here for three years,” Ecclestone, 85, told Reuters. When asked about the deal’s timeline, Ecclestone said, “Honestly, I don’t think anybody knows.”
The deal could be finalized (and a new chairman added) at a Formula One board meeting scheduled for September 13. Who will head the board remains a mystery, but Ecclestone believes it might be Chase Carey, executive vice-chairman of 21st Century Fox and a director of Sky News owner Sky Plc.
Ecclestone says the sport would benefit from Carey’s media savvy. What exact role Ecclestone would take on isn’t known.
The Guardian reports that Liberty Media might buy a 20 percent stake in Formula One at first, before taking full control later this year. The sport has an annual turnover of $1.9 billion, making it an attractive buy for a profit-seeking company. Two Liberty Media-owned companies reportedly attempted to buy F1 in 2014.
[Image: Ryan Bayona/ Flickr]
Yes, keep the person on who's been overseeing the irrelevance of F1. Excelsior!
Can someone summarize why people dislike this guy so much? I'm not into F1 so I don't really get it. First time I saw him was on Top Gear when he drove around the Monaco GP circuit with Clarkson in a Citroen DS3 RS (or whatever trim).
I wonder what he'll do when he reaches retirement age...
This just in... http://www.bbc.com/news/world-europe-28656050 He buys his way out of jail time.