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ECCLESTONE OUT OF F1

Liberty has completed their takeover of Formula 1 after replacing now former F1 supremo Bernie Ecclestone with Chase Carey, taking over the role of Chief Executive.

Carey, 62, will lead Formula 1 from now on as Ecclestone will become a ‘Chairman Emiratus’ and will be a source of advice for the new board of Formula 1.

“I am excited to be taking on the additional role of CEO,” said Carey. “F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport. We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime.

Jackie Stewart chats with the new F1 supremo.

“I would like to recognise and thank Bernie for his leadership over the decades. The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family. Bernie’s role as Chairman Emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved.”

The takeover is valued at over $8 Billion, including debt has been welcomed by teams and Liberty are looking to grow the sport through digital mediums as well as sticking to the strong heritage F1 has.

President and CEO of Liberty Media Corporation, Greg Maffei, thanked Ecclestone and showed excitement for the future of the sport under Carey’s control.
“We are delighted to have completed the acquisition of F1 and that Chase will lead this business as CEO,” Maffei said. There is an enormous opportunity to grow the sport, and we have every confidence that Chase, with his abilities and experience, is the right person to achieve this. I’d like to thank Bernie Ecclestone, who becomes

Chairman Emeritus, for his tremendous success in building this remarkable global sport.”
Ecclestone, who has been a staple of F1 as its CEO and as a team owner, thanked the F1 community for its support and is confident that Liberty will be a good fit for F1.
I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula 1,” said Ecclestone. “I would like to thank all of the promoters, teams, sponsors and television companies that I have worked with. I’m very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport.”

Liberty also named two managing directors, ex-Ferrari technical director and ex-Mercedes Team Boss Ross Brawn, who will undertake a position as Managing

Director of Motorsports and former ESPN Executive Sean Bratches as Managing Director of Commercial Operations.