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.
MORE TO READ
Related
Drive Wire for September 6th, 2016: Daimler Announces Large Line-up of Electric Vehicles
The premium and performance-oriented e-cars will compete with Tesla, Audi and BMW.
Related
Weekly Wire for September 2nd, 2016: Cadillac’s Future, Oculus Rift Racing Games, and AMG’s F1 Hypercar
The Drive staffers take a look back at some of the big stories from the week.
Related
Drive Wire for September 2nd, 2016: Felipe Massa Announces His Retirement from Formula One
Veteran driver calling it quits after 14 seasons in F1.
Related
Drive Wire for September 1st, 2016: Porsche Unveils a Faster Macan Turbo
New Performance Package makes the small SUV as quick as a 911.
Related