Since yesterday in german media Formel 1 Verkauf an Liberty Media: Was wird aus Bernie Ecclestone? - AUTO MOTOR UND SPORT Liberty Media F1 takeover could be days away
If Bernie is finally retiring at least he should have just about enough time remaining to count his $$$
This is interesting. Pretty sure these are the guys who own the Atlanta Braves and Sirius XM, if they are the guys from outside Denver.
SEPTEMBER 5, 2016 Rumours swirl about Ecclestone's future As big rumours swirl about the sale of F1's commercial rights, Bernie Ecclestone has named a potential successor as chief executive. At Monza, speculation swirled in the paddock that owner CVC had agreed an $8.5 billion sale deal with Liberty Media, headed by US media tycoon John Malone. Multiple authoritative publications predicted that Ecclestone would only stay in charge for a transitionary phase, while F1 pundit Eddie Jordan claimed the 85-year-old would be gone by the time of the next race in Singapore. Jordan told the German newspaper Bild: "I assume Bernie will announce his retirement in the next few days." Ecclestone, having earlier confirmed the reports in the German press, dismissed the talk. "You know what deals are like," he said. "Until the money is in the bank it's all nonsense." It is rumoured Ecclestone prefers selling to another interested party because it will guarantee his ongoing role at the top. However, speaking to the German newspaper Bild, Ecclestone was then asked if he thinks Mercedes team boss Toto Wolff is the right man for the job. "Absolutely," he answered. "He has the skills to do the job." Ecclestone also said the shares that he controls - almost 14 per cent - are "not for sale". It has been said the sale to a major US enterprise could ramp up F1's impact in the crucial American market, but Ecclestone insisted: "I think you would need 10 races for that. "A lot of hamburgers would be sold, the prices would go down, and it would no longer be formula one." When Wolff was asked about the swirling stories, he answered: "Honestly, I don't know. The details of the deal are not known to me. "Over the past 50 years, Bernie has done a great job to make formula one as we know it today, and we all recognise his contribution. "Only the future will reveal what opportunities there are to improve it further, but I would not like to speculate," Wolff added.
However this extraordinary claim, made live on Channel 4, was immediately scotched both by Ecclestone and Donald Mackenzie, the chairman of CVC. “I would be very surprised if there was any announcement this week,” Mackenzie said. “As far as I am aware, Bernie is going nowhere. Nothing has changed.” Ecclestone described reports of a deal as “b------t”. Joe Saward counter-comments: Mackenzie....was so convinced of my invisibility that he said “this is my last race” to Dennis.
I love how he thinks an American company would somehow lower the value. Not for nothing, IMHO, this is a bailout, not a sale. F1's value is the lowest it's ever been and Ecclestone is a huge part of the reason.
https://joesaward.wordpress.com/2016/09/05/notebook-from-the-hotel-lobby/ Joe's story about the sale as mentioned by Grey Boxer....
According to Forbes, in a very comprehensive article, a group led by Steve Ross with some ME sovereign investors is very much in the running.
The lowest its ever been was pre-Ecclestone. The only reason this is a multi-billion dollar business is him. I realise that this is difficult for most to admit to themselves.
+1 Bernie has become his own worst enemy because there is no one to touch him. He has many detractors, but nobody else built F1 as it is now.
Totally agree. We dislike Bernie for what he's done to the sport but the business is better today than it was before. That may also be his undoing though. The problem was selling to CVC in 2006. They are no different than any other PE investment firm, the plan is to grow, maximize value and exit. CVC has taken chips off the table with sales to Waddell & Reed, Black Rock and Norges. In any case CVC's Fund IV is vintage 2005 and is coming due. PE funds have typically a 10 yr term with 1 or 2 yrs of automatic extensions.
Yes, and Jerry Jones changed football. And now look what we have years later. F1 is going straight downhill. The cars suck. The racing sucks. Nothing about it is even remotely interesting except the driver fights happening OFF the track. How is that a success? You have to look at where a sport is right now. That's what it's worth. Even looking at Ecclestone makes me want to shower.
Yes and no. He should have stopped tinkering with it about 10 years ago. Ever since the sport has been going downhill and the fan access and fun with it. Great tracks and entire countries have been lost. In reflection it seems to me that the ban of tobacco on the teams names (and cars) was the beginning of the end. Which wasn't Bernie's fault, just saying
IMO he should play dictator more. He was dead against the V6 engines, said they would sound **** and tech would be pointless and too expensive (saw an interview from 2011 a few days ago when he said this), and that it would hurt the sport. He was dead right. I'm with you on some iconic tracks, more should've been done...but IMO CVC has a knife against his back. They wanted more cash from the tracks. CVC being a private equity firm they don't see it as black and white...if a country wishes to pay double what Monza can, they see no reason for Monza to stick around. IMO CVC looks more to short term cash than longer term.
Bernie Eccelstone is Formula One. there is no denying it. He took a group of self important self interested manufacturers ( Lotus, Brabham, McLaren,Ligier, BRM, March, Hesketh Tyrrell, Shadow, Arrows, Fittipalidi along with Ferrari and Renault ) and bent them into a $billion empire. before 1977, F-1 was a sport but it was haphazard and was completely at the whims of each track owner and the FIA. arbitrary rules and governance. He built it into a world wide sensation and along the way made many thousands Millionaires, along with drivers house hold names. Then when His buddy Max Mosley got in, is when they went too far. Bernie wanted to have so much money that he would be on par with the Olympic Games CEO ... so that he could deal with Governments - not your average pedestrian race promoter. This is where his money and power ruined him and F-1. The Paddock used to be fairly open, Photo passes were accessible... today its all totally closed off except to a small elite who completely owe everything to Bernie. fans used to be able to see the cars getting ready - or after practice & qualifying. today all you see is on Tv or you see a "marketing car" parked in a fan area. the sport left and all that is left is "business". If you go to a Lemans Race or Wethertech IMSA race -that is what real racing is about, but the money has been sucked out by Bernie he has all the sponsorship... around the world. there is none left for others. Bernie killed off WSC GroupC endurance racing, CART Indy cars, IMSA, F3000 and any other potential rival except LeMans - and he almost succeeded there if it were not for the French Government in 1992-1997.
SEPTEMBER 7, 2016 Ecclestone not committing to post-sale F1 Bernie Ecclestone is not committing to his current role in charge of F1 if the sale to US media tycoon John Malone's Liberty Group goes through. The first instalment in the billion dollar deal is expected to arrive on Wednesday, with Malone said to be keen to put Chase Carey, a 21st Century Fox executive, in a key role. "I guess the new man will want to come in and make some noises," Ecclestone told the Daily Mail this week. "If I don't like those noises, I will say adios." The 85-year-old also told the Times newspaper: "I have been offered a contract to stay and help them. It's whether I want to do that. We'll see."
Well, if Autosport is right, he stays... https://www.autosport.com/news/report.php/id/126091/ecclestone-to-remain-f1-ceo-after-takeover Whether it's a good or bad news is anyone to guess... Rgds
What excites me most about this possible sale, is that the race production for TV can get into someone's hands that has a clue about broadcasting. I am sick of watching the battles for 10th, while never seeing the leaders. And get the revs back up to where the cars don't sound like Toyota's with Flowmaster mufflers on them.
The reason the battle for the lead doesn't get broadcast is because since 2013 there hasn't been a battle going on there. The broadcaster finds where the action is and broadcasts that. Agree with you RE engines. But I do have to remind you that Bernie was dead against these engines, yet they still came.
