January 24, 2017 at 08:34AM
• ‘I’m proud of the business that I built over the last 40 years,’ says Ecclestone
• New CEO Chase Carey says F1 ‘has multiple untapped opportunities’
Bernie Ecclestone’s reign as the chief executive of Formula One has been brought to a close, after he ran it virtually single-handedly for 40 years. The surprising speed of the decision is a clear signal of the intention of the new owners, Liberty Media, to change the way the sport is run. It represents the most significant shift in Formula One’s management since Ecclestone took over in the late 1970s.
Liberty completed its purchase of Formula One last week and although previously the stated aim had been to maintain Ecclestone for two to three years to facilitate a change in the structure at the top of the sport, the 86-year-old has now been replaced by Chase Carey, who had already been appointed chairman of F1 and will now also become chief executive. Ecclestone has been given the honorary position of chairman emeritus, as a source of advice for the new owners, but will not be part of the decision-making process.
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