Formula One: Bernie Ecclestone adamant he'll remain chief executive even after potential takeover

American company Liberty Media are widely reported as closing in on a takeover and have been in talks with CVC Capital Partners, which currently owns a controlling 35.5 per cent stake in F1

Bernie Ecclestone at the Italian Grand Prix (Getty)

Bernie Ecclestone has insisted he will still remain in charge as the Formula One chief executive regardless of whether the sport is sold to new majority owners.

American company Liberty Media are widely reported as closing in on a takeover and have been in talks with CVC Capital Partners, which owns a controlling 35.5 per cent stake in F1.

It’s believed that a £6.8bn deal will be concluded within the next couple of days.

Ecclestone is currently employed as the F1 chief executive by CVC but his position is likely to come under threat if and when the deal goes through.

Eddie Jordan, a former team owner-turned-pundit, suggested the 85-year-old could be gone by the Singapore Grand Prix in two weeks’ time.

But Ecclestone is adamant that he will remain in charge of F1 and dismissed rumours that he would step down from his role if Liberty Media finally complete their buyout after two years of interest.

“I'll keep on doing what I have always done. What role I play is my decision,” Ecclestone German told magazine Auto Motor Und Sport.

Toto Wolff, the head of motorsport at Mercedes, welcomed the potential takeover.

“If there is an investor that wants to buy the shares it is good news for Formula One,” he said. “It was unbelievable out there – full grandstands – so, maybe it is good news that an American media company buys Formula One.”


 Bernie Eccleston with Red Bull Racing team principal Christian Horner 
 (Getty)

Regarding Ecclestone, Wolff added: “I don’t know what happens in terms of management. Bernie has done an awesome job for 50 years and made it what it is. He has built an empire and we are all benefiting from that empire.

“That thing generates millions of live views and full racetracks like we had today, and one and a half billion in profits every year, so he has done an awesome job.

“What the future will show is whether there are things that can be improved or not, I don’t know, but I don’t want to speculate because this is just wrong.”

While CVC own the majority share in F1, the US fund manager Waddell & Reed holds a 20.9 per cent stake with Ecclestone’s own share standing at 5.3 per cent. His Bambino Trust has another 8.5 per cent.

It’s understood that Ecclestone and his family would make almost £800m from the CVC sale.