Bernie Ecclestone quashes talk of rival Formula One series after Liberty Media takeover
American company Liberty Media completed a US$8 billion takeover earlier this week with chairman Chase Carey taking over as chief executive officer
Bernie Ecclestone has denied he plans to create a rival competition to Formula One after losing his position as the sport’s chief executive.
Ecclestone’s 40-year reign as Formula One’s supremo came to an end earlier this week after American company Liberty Media completed a US$8 billion takeover.
Chase Carey, who has already the Formula One chairman, was given the title of chief executive officer following the takeover as the curtain came down on Ecclestone’s long-standing reign.
Reports emerged that Ecclestone could promote a breakaway series, but in a statement released on Friday, the 86-year-old said: “I wish to clear up the rumours that I am starting a series to compete against the FIA Formula One World Championship.
“I have built the Championship over the last near 50 years, which is something I am proud of, and the last thing I want, is to see it damaged.
“The new owner of the company will be able to carry out the administration of the company in a different way to the way I had, which was to produce financial results for the shareholders, the normal actions of a chief executive.