Drive Wire for September 7th, 2016: Ecclestone to Stay on as F1 CEO for Three Years
A meeting to discuss the transition is expected in London next week.
Following the sale of Formula One by Bernie Ecclestone’s CVC Capital Partners to Liberty Media for $8.5 billion, word is that CEO Ecclestone has been asked to stay on as chief executive for three years. Eventually, Liberty Media’s Chase Carey is expected to take over from Ecclestone, though only following a lengthy transition period.
Though the deal hasn’t been confirmed, it is expected at F1’s meeting next week, which coincides with the Singapore Grand Prix. Eccleston will be skipping in order to preside. The switch to US ownership of racing’s premier series is welcomed by many in the sport: for one, Liberty Media ownership promises to involve more American sponsors in the sport. Additionally, Chase Carey is known for a facility with social media, which should help F1 achieve a higher profile.
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