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King of F1 Bernie Ecclestone is removed in takeover

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King of F1 Bernie Ecclestone is removed in takeover

Bernie Ecclestone’s time as head of Formula 1 has come to an end after 40 years.

New owners Liberty Media have replaced him after completing its $8bn (7.4bn euro) takeover of the sport. The new CEO is to be American Chase Carey.

Ecclestone was central in turning F1 motor racing from a relatively minority activity into one of the world’s richest television sports.Through his negotiating skills and business acumen he ended up in a position of almost absolute power.

He opened up new destinations such as Azerbaijan and Bahrain, that were prepared to pay handsomely to host a round of the championship.

But his critics say he focused too much on maximising profits rather than developing the sport.

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