Formula 1 gets it’s take over

Bernie Ecclestone has been replaced as the boss of Formula 1 with the sports with new owner confirming his exit from the role. The new owner – Liberty released a statement on Monday evening confirming that their £6billion takeover was now complete and said former boss Ecclestone would be taking up a new role as chairman emeritus, with F1 chairman Chase Carey succeeding him as chief executive. Ross Brawn, the former Ferrari and Mercedes chief, has been appointed as motor sport managing director after three years away from the sport. Sean Bratches, an American TV sports executive, becomes commercial operations managing director as they begin to build this new F1 management structure.

Brawn returns to Formula 1

The new owners carried quotes from Ecclestone, who 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.”

Ecclestone told German magazine Auto, Motor and Sport he had been “deposed”. Where as

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. He then added “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. ” he further added by saying “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.”

Recently retired champion Nico Rosberg was the first big name to express his feeling reaching out on social media, tweeting: “Bernie, mega job! But a change has been overdue. Mr. Carey, all the best in making our sport awesome again.”

The new owners have a vision in what they think change the sport for the better- there will be a larger number of races taking place each year, with some destinations flirting with the idea of Las Vegas and New York as they try to increase the sport’s reach in the United States. F1’s prize-money and bonus structure may also be addressed, although the commercial agreements with teams are enshrined until 2020.