#BernieEcclestone

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.

New details about the Formula One purchase trickled out last night after the buyer, Liberty Media Corp., agreed a deal to take over the sport.

The U.S.-based entertainment and telecommunications giant will initially pay $4.4 billion for a controlling stake in the franchise, The Guardian reports, and a familiar white-haired figure will keep his job.

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.

In old mystery novels, it’s usually the butler, gardener or maid that police nab for committing a dastardly crime. In 21st Century São Paulo, Brazil, it’s the helicopter pilot.

After rescuing Formula One boss Bernie Ecclestone’s mother-in-law from kidnappers earlier this week, Brazilian authorities arrested the racing tycoon’s pilot on suspicion of involvement, the BBC reports.

Rarely does a high-profile hostage-taking resolve itself in such a nice, PG-13 film manner.

Aparecida Schunck, the 67-year-old mother-in-law of Formula One chief Bernie Ecclestone, was found tied up in a dingy apartment near São Paulo, nine days after her kidnapping, the BBC reported last night.

Brazilian media sources say kidnappers are demanding a huge ransom for the safe return of Formula One boss Bernie Ecclestone’s mother-in-law.

The São Paulo kidnapping of Aparecida Schunck, mother of Ecclestone’s wife Fabiana Flosi, was reported in Veja and Globo, according to the BBC. The assailants are asking for $36.5 million.

Just weeks following the conclusion of a rain-soaked United States Grand Prix at the Circuit of the Americas in Austin, Texas, certain details are coming to light that threaten the continuation of the event — and quite possibly operation of the facility as a whole.

One of the many pieces that keeps the event in Austin is the state’s Major Events Trust Fund, which has provided $25 million a year to race promoters since COTA began hosting Formula 1 in 2012.

It was believed the annual $25 million payment was assured for at least 10 years, for a total commitment of $250 million, to be paid by the State of Texas. However, a change in government and an audit of how the fund calculates major events payments has meant race organizers received just $19.5 million for 2015, or $5.5 million less than what was expected.