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Formula Ones potential new owners want supremo Bernie Ecclestone

 

Formula Ones potential new owners want Bernie Ecclestone to stay on for three more years.

US-based company Liberty Media are in advanced talks to take control of Formula One from CVC. A deal of £6.5 billion is close to being agreed between the two companies to change ownership of the motorsport.

“They want me to be here for three years,” Ecclestone told Reuters.

Bernie Ecclestone will miss the Singapore Grand Prix on the September 18. This is to help with the deal and make sure the transition of ownership is unnoticeable.

“Because all this is going through, CVC want me to be there in London to help them with all sorts of things. I can’t afford to be away for five to six days,” The 85-year-old added.

Bernie Ecclestone has been a controversial figure in Formula One since he starting running the Formula One Group. At the same time he became the executive of the Formula One Constructors Association (FOCA) in 1978.

Chase Carey is to be named as chairman of F1’s parent company once the takeover is completed. Also in his position he will work alongside veteran chief executive Bernie Ecclestone.

The appointment of Mr Carey, a former DirecTV and News Corporation executive who continues to serve on the board of 21st Century Fox, will signal Liberty Media Corporation’s intention to exploit F1’s lucrative media rights more aggressively, Sky sources say.

This big money takeover of Formula One comes as a surprise to many involved in motorsport. The start of the season saw confusion and disagreement over the format used for race qualifying. Meanwhile, just last year four-time F1 champions Red Bull threatened to walk out unless they could find a competitive engine to battle with Mercedes AMG.

The deal that will see Liberty Media takeover Formula One from CVC is expected to be completed before the end of this month.

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