Bernie Ecclestone is not committing to his current role in charge of F1 if the sale to United States media tycoon John Malone’s Liberty Group goes through.
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Germany’s driver Nico Rosberg steers his Mercedes on his way to win the Italian Formula One Grand Prix at the Monza racetrack, in Monza, Italy, Sunday, Sept. 4, 2016.
Formula One commercial chief Bernie Ecclestone said Wednesday he is overseeing the sale of the motorsport series to an American media conglomerate.
Under the terms of the deal announced last night Liberty Media will pay $1.1 billion in cash, 138 million of newly issued Liberty Media shares and $351 million worth of an exchangeable debt instrument to be issued by Formula…
Ecclestone revealed he would not fly to next weekend’s Singapore Grand Prix in order to make sure the deal is finalised.
It is understood that Ecclestone would remain with F1 – at least for a transitional period of a few years.
With a combined market market cap of $37 billion John Malone’s Liberty group of companies is by anyone’s standards is a serious player. But a takeover by a USA -based outfit could also be significant in promoting F1 in the states.
Like the Atlanta Braves and SiriusXM, which Liberty also owns, the investment will be converted into a tracking stock that will allow investors to invest in the F1 business.
Bernie Ecclestone has been retained by Liberty Media as the CEO, while Chase Carey will serve as the new chairman of F1.
The US media firm is purchasing the stake in the motor racing giant now owned by CVC.
Three years ago Force India deputy team principal Bob Fernley infamously accused CVC of “raping the sport”, and that it had done “an absolutely very bad job”. Admittedly, Haas isn’t all American: its drivers hail from France and Mexico, and its vehicle was largely developed in Italy with help from Ferrari and race auto manufacturer Dallara.
F1’s biggest shareholder is investment fund CVC Capital Partners.
The first tranche would involve the acquisition of an 18.7 per cent stake of F1 and would not be subject to regulatory conditions.
When asked about it, the British billionaire replied in his trademark enigmatic style: “I haven’t got a clue”.
A frenetic period for the ownership and management of F1 could also involve Chase Carey, a former DirecTV and News Corporation executive.
The sport has long attracted premium advertisers in Europe, but it has failed to find an audience in the U.S.
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“There are things we can learn from the American way, particularly in the digital areas.they will have a close look and then analyse what they think needs to be changed and what needs to remain”.
