Today: Wednesday, 29 May 2024 year

Formula 1: is Bernie Ecclestone stepping down

Formula 1: is Bernie Ecclestone stepping down

Formula 1 is waiting for the changes, the four-decade era of Bernie Ecclestone is almost over. According to the insider information, the F1 can be sold to the Liberty Media and Ecclestone will step down.

The Federation Internationale de l’Automobile (FIA) as the Formula 1’s governing body informed about the upcoming changes. This week, the sale of the F1’s commercial rights to the US company Liberty Media was approved by FIA.

Consequently, Mr Ecclestone will quit as chief executive of Formula One Group and “an announcement could be made as soon as the first half of next week”.

Earlier, the Liberty Media (LM) was going to keep Bernie Ecclestone as chief executive, but the short-term plan showed another turn. Initially, LM was going to keep the boss with a less hands-on role but later was made another decision – to demonstrate the brand new era for Formula One by pursuing a radical overhaul of its commercial operation.

Liberty Media intends to choose the direction for further development and to create the successful commercial company with the great experience and new perspectives.

Ecclestone to exit next week?

“We were in the middle of that process and when we knew that [Liberty] were going to buy, we went back and we wanted to wait because they are the owners of the company and they are the ones who have to decide,”

added the representative of Liberty Media.