Geriatric President of Formula One Forced Into Honorary Position
Formula One super-magnate and extremely old person Bernie Ecclestone was just ousted from his position as chief executive by Liberty Media — F1’s new owners.
Having bought the company and the voting rights, the American media group’s board of directors designated Chase Carey as Formula One’s new CEO. Unlike Ecclestone, who has been active in motorsport since the 1940s, Carey has a ridiculous mustache and no racing experience whatsoever.
“I was dismissed today,” Ecclestone told Auto Motor und Sport prior to F1’s official announcement. “It’s official. I am no longer the leader of the company. My position has been taken by Chase Carey. My new position is one of those American terms. It’s something like an honorary president.”
Ecclestone’s departure was anticipated last week, although it was assumed that he would step down voluntarily.
Liberty Media is expected to divide Ecclestone’s former duties among several people. Former Mercedes boss and Ferrari technical director Ross Brawn is still expected to provide oversight for Formula One’s sporting regulation and rules, ESPN marketing executive Sean Bratches should take over F1’s commercial aspects.
Ecclestone, currently 86, has been involved in shaping the landscape of Formula One since 1974. When asked whether he would retain his seat on the FIA World Motor Sport Council, he said, “I doubt it.”
A staunch consumer advocate tracking industry trends and regulation. Before joining TTAC, Matt spent a decade working for marketing and research firms based in NYC. Clients included several of the world’s largest automakers, global tire brands, and aftermarket part suppliers. Dissatisfied with the corporate world and resentful of having to wear suits everyday, he pivoted to writing about cars. Since then, that man has become an ardent supporter of the right-to-repair movement, been interviewed on the auto industry by national radio broadcasts, driven more rental cars than anyone ever should, participated in amateur rallying events, and received the requisite minimum training as sanctioned by the SCCA. Handy with a wrench, Matt grew up surrounded by Detroit auto workers and managed to get a pizza delivery job before he was legally eligible. He later found himself driving box trucks through Manhattan, guaranteeing future sympathy for actual truckers. He continues to conduct research pertaining to the automotive sector as an independent contractor and has since moved back to his native Michigan, closer to where the cars are born. A contrarian, Matt claims to prefer understeer — stating that front and all-wheel drive vehicles cater best to his driving style.
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Glad to see this old bag of wind step down. He's made F1 into a soap opera. Maybe now the playing field can be leveled where smaller teams with smaller budgets can compete.
Bernie Ecclestone, what a guy. I've never known any other name in relation to F1 ownership than his. He got superwealthy when he sold/leveraged the Television rights way back. I read most of that TV dough got rolled into trusts for his kids. I think his daughters are richer than he is now. To my mind there was Andy Warhol, Phil Spector, and this guy in terms of 60’s-70's cool, artistic, media and business savvy dudes with weird hair and great personal talent. Of course, he outlasted both of them. I can't believe how energetic and active he is even right now, with multiple ex-wives the age of granddaughters and jetting all over the place. So finally at the age of 86 he has sold all of his magnificent F1 empire.
Hopefully it won't continue the trend of Mario Kart-esque overtaking boosts or descending into the farcical system that the top NASCAR series has proposed. Like him or loath him he has taken the sport to what it is today, a professional glamourous fortnightly globetrotting mega event. Without him it might still be some unsophisticated V8s being drifted around Brands Hatch or Donington Park. Yes we need to protect the core of the 'old school' F1 on the European tour - tracks such as Monaco, Italy, UK, and bring back Germany and France, but he has also looked east to Asia, the middle east, and west trying to crack the US (though the 2005 Michelin safety debacle at Indy did F1 no favours). One decision that UK followers may loath him for was the F1 coverage move onto subscription TV. From the BBC without adverts, to Channel 4 which is an advert funded public broadcaster (and has been surprisingly good to be fair), to Sky Sports - a broadcaster who did the same in the early 90s to football (soccer) rights, eventually pushing up ticket prices and netting the top clubs millions/billions. (Some may recall Martin Brundle's runin with him when he launched the half hearted F1 network... Martin: "We haven't seen you much lately, Bernie." Bernie: "I've been working for Sky television. You know, the people where you can see all the different things that you can't see on ITV." Martin: "Oh I know - is that the show where you can invite a few mates and double the audience all by yourself?" Bernie: "Don't be naughty.")
Bernie says: “It’s official. I am no longer the leader of the company. My position has been taken by Chase Carey. My new position is one of those American terms. It’s something like an honorary president.” I believe his title is now Chairman Emeritus, which doesn't sound all that American to me, what with the decline of Latin as a spoken language and all.