Liberty Media has completed its $8bn (£6.4bn) takeover of Formula 1 today. The US giant will be renamed the Formula 1 Group.
Bernie Ecclestone, 86 has been appointed chairman emeritus and will act as an adviser to the board. Ecclestone who has run F1 since 1978 has also admitted to not knowing what this new title means!
Chase Carey, the new Chairman and CEO of F1, 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.”
“I would like to recognise and thank Bernie for his leadership over the decades. 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.”
Ecclestone told Germany’s Auto Motor und Sport: “I was dismissed today. This is official. I no longer run the company. My position has been taken by Chase Carey.” He later said in the official press release: “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.”
Full press release from Liberty Media – http://www.businesswire.com/news/home/20170123006056/en/Liberty-Media-Corporation-Completes-Acquisition-Formula-1