Liberty Media takeover of F1 is complete for $8bn


(From L to R)Sean Bratches, Chase Carey und Ross Brawn

The deal was completed on Monday and subsequently, Liberty Media is to be renamed the ‘Formula 1 Group’ to befit it’s new role at the head of the sport itself. Many, of course, will be sad – or relieved – to see Bernie Ecclestone depart from his role after Chase Carey – of Liberty Media – became the chairman of the company and added Ecclestone’s role – chief executive officer – to his duties.

Bernie, who had helped the sport for 40 years in his position has said that he had been “forced out”. But the former F1 chief executive is to be given the role of “chairman emeritus” and will subsequently act as an adviser to the board in order to continue to shape the prestigious sport. Ecclestone, in an interview with Autor Motor Und, has spoken about this:

“I was asked today to resign. Just go away. This is official. I do not run the company anymore. My position has been taken over by Chase Carey. “

In another announcement, Liberty Media has announced two  members of the new F1 Team, including Ross Brawn, who is the former Ferrari Teamchef in the role of handling sporting and technical matters, and Sean Bratches, a former manager of ESPN, who will operate the commercial side of the company.

Ross Brawn seemed to embrace his role from the start;

“It’s fantastic to return to Formula One. […] It has been a lot of fun for me to advise Liberty Media over the last few months. I’m looking forward to working with Chase, Sean and the other Formula One teams and making my contribution to the development of Formula One. We have a unique opportunity to work with teams and race organizers to find ways to make Formula One better – especially for the fans. “

Chase Carey, the new head of F1, seemed escatatic over the signing of the former Ferrari teamchef;

“I am very pleased to be able to welcome Ross back in Formula One. In his 40 years in this sport, he has left his magic handwriting on each of his teams. He has an incomparably great technical knowledge, experience and relationships. I have already benefited from his advice and expertise. “

It seems like F1 is headed on a upward trajectory if Chase Carey is to be believed, and at this time, it’s just what the sport needs to reinvent itself. Now, it remains to be seen what will be done regarding Silverstone, after the new F1 boss announced that “We will have a British Grand Prix,” and stressed that “The foundation of the sport is western Europe. We want to grow it. There’s a negotiating dynamic that exists, But we want a healthy relationship with our promoters. We are going to look at ways of making events bigger and better.” in an interview with BBC Sport.




Author: Thomas Parkes

Hi, my name is Thomas Parkes. I'm currently a student at the City of Wolverhampton College, studing the NCTJ Diploma in Journalism.

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