Liberty Media Completes Takeover

LIBERTY MEDIA COMPLETES TAKEOVER 

    Liberty Media has completed its takeover of Formula One, ending Bernie Ecclestone’s four decades in charge of the sport. The American company paid £6 billion for the series and have wasted no time in setting out their plans for the future.

    Chase Carey, who Liberty had already installed as the sport’s chairman, replaces Ecclestone as the chief executive officer, but he isn’t alone at the top of the new management pyramid. After three years away from the sport, Ross Brawn returns to F1 as the new motorsport managing director, whilst Sean Bratches has taken up the role of commercial operations managing director.

    It was rumoured that Ecclestone might be planning a competing series, but Ecclestone has denied the claims, saying he doesn’t want to damage F1. Carey is keen for him to play an advisory role in the future.

    Fresh faces mean fresh ideas and Carey has already started sharing his vision for the future of F1. Most notable is his keenness to make races “events”, similar to the Superbowl in America. He also wants to add at least one more US race to the calendar, whilst strengthening the traditional Western European races like the British and the German GPs.

    The new era of Formula One could also be more friendly for smaller teams. One of the first things Carey did when he became CEO is lay out his plans to change the prize fund system that sees Ferrari get a bonus just for taking part, whilst Brawn has already expressed that he wants to help smaller teams stand on their own two feet.

    Overall there is a general optimism both in the paddock and from the fans about the future of Formula One, but it’s not known when any of these planned changes are set to come into place.

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Article Written By: Bethonie Waring

No copyright infringement intended

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Liberty Media Buys F1

LIBERTY MEDIA TAKES OVER FORMULA 1

    Liberty Media have started the process of buying Formula One.

    Chase Carey has replaced Peter Brabeck-Letmathe as chairman of the company as part of the deal, whilst Bernie Ecclestone will remain as CEO.

    Seven hundred and forty six million dollars. Cash. That’s what Liberty Media paid to Formula One’s current parent company, Delta Topco, for just 18.7% of Formula One, a minority share. That’s only the first part of the deal, though. Liberty Media plans on owning 100% of the company, once it’s satisfied some conditions.

    “I am thrilled to take up the role of Chairman of Formula One, and have the opportunity to work alongside Bernie Ecclestone, CVC, and the Liberty Media team,” said Chase Carey. “I greatly admire Formula One as a unique global sports entertainment franchise attracting hundreds of millions of fans each season from all around the world. I see great opportunity to help Formula One to develop and prosper for the benefit of the sport, fans, teams and investors alike.”

    When rumours of the deal began to circulate, there was hope among many fans that this would be the end of Bernie Ecclestone, who many blame for Formula One’s faults. The Formula One figurehead will continue as CEO, though. Still, Liberty Media have ensured that things will change, with a focus on improving the social media side of Formula One, which the series has lacked compared to other motorsport series.

    As well of this, Liberty Media has said “The teams will be given the opportunity to participate in the investment in Formula One”. According to the company, some teams have already expressed an interest in this opportunity.

    Change may not be immediate, but Liberty Media’s take over will mark a new chapter in Formula One’s history, one we hope will make fans happy.

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Article Written By: Bethonie Waring
No copyright infringement intended/Quotes from Press Release
Follow us on Twitter @Bethonie_Boost & @F1Insider78