In news that won’t surprise many hardcore Formula One fans, the sport has announced that Bernie Ecclestone has been forced to relinquish his leadership role in the series.
The news comes as Liberty Media Corporation and Delta Topco have confirmed that the U.S. media company has officially acquired F1. As part of the deal, Chase Carey has been appointed as chief executive officer and chairman of F1 while Ecclestone has been appointed as chairman emeritus, an honorary position given to the long-serving former F1 head-honcho.
In a statement, Ecclestone said “I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with. 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.”
As part of the deal, Liberty Media has officially acquired 100 per cent of shares of F1 in a deal worth $8 billion. Shortly, the Liberty Media Group will be renamed the Formula One Group and begin trading under the FWON ticker symbol.
Another significant development coming from the deal is that Ross Brawn has been appointed as managing director for Formula One. His appointment comes after months of acting as a consultant to Liberty as it carried out its purchase of Formula One.
Speaking of the buyout, Carey said “I am excited to be taking on the additional role of CEO. F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport. We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime.”
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