Ecclestone named Chairman Emeritus of Formula 1
Bernie Ecclestone is to undertake a new role to make way for incoming CEO Chase Carey, following the takeover of Formula 1 by Liberty Media.
Ecclestone has been named as “Chairman Emeritus” of Formula 1. His new title as “Chairman Emeritus” is to reflect his retired position but retain a title as an honour.
“I would like to recognise and thank Bernie for his leadership over the decades,” said Ecclestone’s effective replacement Carey. “The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family. Bernie’s role as Chairman Emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved.”
Having guided the sport through many highs and lows, Ecclestone’s 40- year reign of Formula 1 has seemingly come to an end, as the sport seems to be in need of a change in direction especially with the recent rise of social media.
“I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula 1,” said Ecclestone, “I would like to thank all of the promoters, teams, sponsors and television companies that I have worked with.”
Ecclestone has been heralded for doing so much for Formula 1 ranging from commercial and safety aspects, however, the past decade has witnessed the sport see a slump in ratings. CVC Capital partners acquired the commercial rights to Formula 1 in 2006, with the company’s business model seeing over one third of Formula 1’s profits and little re-invested in the actually sport not including teams. With Liberty Media being an established media corporation and appointing a former vice president of 21st Century Fox, Ecclestone hinted at the prospect of a bright future for Formula 1. “I’m very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport.”