Toppling the dictator: Ecclestone had to go to allow Formula One to grow, says new boss
Chairman Chase Carey insists F1 has to go in a new direction if it is to prosper
Bernie Ecclestone’s four-decade reign as a “dictator” of Formula One had to end to give the sport the fresh start it needed, new chairman and chief executive Chase Carey said.
Ecclestone’s time as the colourful ringmaster of the Grand Prix circuit was effectively finished on Monday when US-based Liberty Media completed its takeover of motorsport’s most prestigious brand in a deal valued at about US$8 billion.
While the 86-year-old Ecclestone, a former car salesman, was widely credited with transforming Formula One into a multibillion global business, there have been growing complaints in recent years that the sport has failed to modernise under the Englishman’s no-nonsense leadership.
There has also been the view inside and outside the sport – and a concern shared by Carey – that it is wrong for one man to wield as much power as Ecclestone did in Formula One.
Despite sidelining Ecclestone to an advisory role as “chairman emeritus” Carey stressed to the BBC that he had “tremendous respect” for Ecclestone and will value his input.
