Ecclestone out, Carey in as F1 deal finalised

 24 Jan 2017 - 22:41

Ecclestone out, Carey in as F1 deal finalised

AFP

Los Angeles: Bernie Ecclestone's long reign as Formula One's ringmaster came to an end as Liberty Media completed its multi-billion-dollar takeover of motorsport's most prestigious brand.
Colorado-based Liberty confirmed in a statement that American Chase Carey had been appointed chairman and chief executive of F1, with Ecclestone moving into an advisory role as "chairman emeritus".
Ecclestone, 86, had already signalled the end of his near 40-year reign as head of Formula One in comments to German magazine Auto Motor und Sport earlier Monday.
"I was dismissed today," Ecclestone told the magazine. "I no longer run the company. My position has been taken by Chase Carey," he said.
He said his new chairman emeritus role was "a kind of honorary president" position, but added: "I have this title without knowing what it means."
In a statement confirming completion of the takeover, valued at around $8 bn, Liberty president Greg Maffei confirmed Ecclestone would be leaving his role as chief executive.
"We are delighted to have completed the acquisition of F1 and that Chase will lead this business as CEO," Maffei said.
"There is an enormous opportunity to grow the sport, and we have every confidence that Chase, with his abilities and experience, is the right person to achieve this," Maffei added, paying tribute to the "tremendous success" of Ecclestone in helping to grow Formula One.
Carey, a vice-chairman of the 21st Century Fox media conglomerate, said he was looking forward to running a sport which had "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," Carey said.
"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."