Bernie Ecclestone, chief executive of the Formula 1 Group, at the Formula 1 United States Grand Prix at Circuit of the Americas on Saturday October 22, 2016. JAY JANNER / AMERICAN-STATESMAN
British motorsports mogul Bernie Ecclestone, who had become one of the most powerful men in sports over the last four decades, has been dumped as the CEO of Formula One.
Ecclestone, 86, confirmed to a European publication that he will no longer run F1 under the new ownership of Liberty Media. The giant American company, which has bought control of the sport, will replace him with Chase Carey, vice chairman of the 21st Century Fox media conglomerate.
“I was deposed today,” Ecclestone told Auto Motor and Sport. “I am simply gone. It’s official. I am no longer the leader of the company. My position has been taken by Chase Carey.
“My new position is one of those American terms. It’s something like an honorary president. I have this title now, even though I don’t know what it means.”
Ecclestone, who negotiated the deals that brought the United States Grand Prix to Austin’s Circuit of the Americas, didn’t sound enthused to stick around for the new job.
“My days in the office will be getting quieter now. Maybe I will attend a Grand Prix sometime in the future,” he said. “I still have many friends in Formula 1, and I still have enough money to afford to attend a race.”
Ecclestone also indicated he doesn’t expect to retain his seat on the FIA World Motor Sport Council.
“I doubt it,” he told Auto Motor and Sport.
CVC, a private equity firm that’s been the majority shareholder in F1, reportedly wanted Ecclestone to stay heavily involved in the sport. They were overruled by Liberty Media, in the process of taking over controlling interest from CVC.
Ecclestone, an extraordinary wheeler/dealer who negotiated contracts with media and race tracks, is one of the wealthiest people in Great Britain. He has an estimated net worth of $3.2 billion as of April, 2016, according to Forbes magazine.
