“I will stay on as F1 chief executive, ‘ Ecclestone told the Autosport website”.
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But in the six years through 2014, global Formula One viewership slipped to 425 million from 600 million.
The deal, valued at $8 billion including debt, gives an American media and telecoms business effective control of a sport rather than the more customary situation of such companies paying up to buy rights to screen live events.
John Malone’s Liberty Media Corp. wants to revive global interest in Formula One auto racing by building its underdeveloped digital presence and expanding in markets like the US, while retaining loyal followers in the circuit’s European stronghold.
In one of the biggest deals in sports history, cable mogul John Malone’s Liberty Media conglomerate has agreed to acquire Formula One, the iconic motorsports business that has struggled to win fans in the US, for $4.4 billion.
Chief executive Bernie Ecclestone retains his position and the organisation will remain based in London.
Motorsport’s global governing body has welcomed the intended acquisition of Formula One by the Liberty Media group.
“I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world”, Carey, 62, said “I see great opportunity to help Formula One continue to develop and prosper for the benefit of the sport, fans, teams and investors alike”.
Paddock gossip at last weekend s Italian Grand Prix made it clear that Liberty had already sold their vision of the future successfully before completing the deal and Carey on Thursday endorsed that impression in a media conference call. Ecclestone, who ruled with much secrecy for four decades, was rarely inclined towards any kind of management in that way. “We’ll work closely and as partners and we’ll figure it out”.
Ecclestone has been the deal-maker, securing lucrative television contracts and hosting fees with countries such as Abu Dhabi and Azerbaijan that are eager to feature on what is now a calendar with a record 21 races.
“It’s an unusual move for a media group but there are media opportunities within F1, it’s a highly advertisement heavy business and always has been”, said Jasper Lawler, market analyst at CMC Markets, adding, “It’s a growing business, growing in popularity and they’re obviously looking to diversify the way in which media is propagated in this sort of new world of different mediums, looking at online, print and now different areas like sport”.
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Liberty’s other sports assets include the Atlanta Braves Major League Baseball club.
