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Liberty completes F1 takeover; Bernie Ecclestone out as F1 CEO

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Bernie Ecclestone’s 40-year reign at the helm of Formula 1 has come to an end following the CEO’s resignation on Monday, the major bit of news on a day when Liberty Media has formally completed its acquisition of Formula 1.

Ecclestone, 86, played an instrumental role in building F1 into the global success it is today, forming the Formula One Constructors’ Association in 1974 and becoming its CEO.

Ecclestone has controlled the commercials rights to the series ever since, but his position came into question last fall when F1 was sold to American company Liberty Media. Liberty installed Chase Carey as F1’s new chairman, with Ecclestone staying on as CEO.

However, with Liberty’s takeover of F1 set to be completed by the end of the month, Ecclestone’s tenure as the sport’s ringmaster is set to end following his resignation as CEO. Carey is now formally confirmed as new Chairman and CEO of the sport.

“I was deposed today,” Ecclestone told Auto Motor und Sport. “This is official. I do not run the company anymore. My position has been taken over by Chase Carey.

“My new position is now such an American expression. A kind of honorary president. I’ll get this title without knowing what it means.

“My days in office are now somewhat calmer. Maybe I’ll come to a grand prix. I still have a lot of friends in the Formula 1. And I still have enough money to be able to afford a visit to a race.”

AMUS’ report was followed by an official statement from Liberty later Monday afternoon, confirming Ecclestone no longer served as F1’s CEO, and confirming Ecclestone as Chairman Emeritus of the sport.

“I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with,” Ecclestone said in a release. “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.”

Carey said, “I am excited to be taking on the additional role of CEO. 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.”

“I would like to recognize 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.”

Greg Maffei, President and CEO of Liberty Media Corporation, added: “We are delighted to have completed the acquisition of F1 and that Chase will lead this business as CEO. 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.”

Liberty confirmed within the release that the Liberty Media Group name will become the Formula One Group. Full formal details are linked here.

While not announced today, Liberty is reportedly set to bring in ex-ESPN marketing chief Sean Bratches in a commercial role, and ex-Ferrari and Benetton technical chief Ross Brawn has been linked with a sporting role to define the future roadmap for F1.

Liberty’s takeover is set to result in a number of changes for F1, with the United States being identified as a key market for the series to grow in.

Recently-appointed McLaren executive director Zak Brown said earlier this month that he believed Liberty would focus on putting fans first in a bid to boost its audience.

While Liberty’s exact plans for F1 moving forward remain unclear, the departure of Ecclestone as its ringmaster certainly signals the end of an era for the series.

Rahal determined to regain winning touch in 2019 IndyCar season

Photo by Shawn Gritzmacher, INDYCAR
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AUSTIN, Texas – Graham Rahal entered the room with a smile on his face and a chip on his shoulder.

It was IndyCar “Media Day” and Rahal wasn’t happy with the way last season went at Rahal Letterman Lanigan Racing. He was less happy with the fact some aren’t considering him a serious threat in 2019. He playfully chided with one media outlet for failing to mention his team as one to watch in 2019.

“We use that as motivation to show everybody how we are viewed,” Rahal said. “We are here to win.”

Rahal just turned 30 in January but is entering his 13thseason in big-time Indy car racing. He entered the 2007 Champ Car Series season when he was just 17. He missed his high school prom because he was racing at Houston.

“That was the luckiest day of my life,” Rahal said. “I didn’t have to go to the prom. It doesn’t get any better than that.

“Plus, I got my second career podium that weekend.”

Rahal drove to victory in his very first race in the combined IndyCar Series in the 2008 Honda Grand Prix of St. Petersburg. He was hailed as the “Poster Boy of Unification” and a future star. What followed was a seven-year drought before he captured his second-career win in a thrilling race at Auto Club Speedway in Fontana, California.

He won two races in 2015, one in 2016 and two in 2017. He was expected to contend for victories and possibly the championship last year but struggled through a disappointing season and finished eighth in the standings.

“I’m looking forward for chance this year,” Rahal said. “Last year was a tough one for me and for the team. I’m looking forward to what my new engineer, Allen McDonald, has done so far. He is an accomplished engineer and brings a different mindset to our program this year from what we had last year. He and (fellow engineer) Eddie Jones are very close friends and that will help us from the standpoint they are on the same page.

“We needed a bit of life brought back to the team.”

Rahal believes his challenges are to get everything in order before the season starts. The team has defined the areas where it was lacking in 2019. The team needed to improve in research and development after starting behind last season.

“I’m excited for what I see, and I know in the end it will all pay off,” Rahal said. “It’s just a matter of when.

“There is a lot to be excited about for us. We are in a great position as a team. We have great sponsorship and that will allow us to push forward and do the things we need to do.”

Rahal believes at 30, he has a long time ahead of him to win races and championships and maybe even the Indianapolis 500. In order to reach those goals, however, Rahal’s team needs to regain the competitive level he displayed prior to last year.

“We’ve been fortunate to win six times,” Rahal said. “A lot of people come into this sport and never win. I fully recognize there is no reason we can’t win a lot. I don’t care what anybody writes, what anybody thinks – I really feel that when it comes to race day, we perform better than 99 percent of the other people out there.

“As a team and for myself, we have to qualify better. If we can qualify better, we’ll be a thorn in everybody’s side. We know the rear of our cars just aren’t good enough. When we need to find that extra tenth or two, it’s just not there but absolutely, we want to win.

“I don’t come here year after year to just drive around. Our sponsors don’t invest in us year after year to not see us win. We feel that. But our cars aren’t good enough and we know that.”

Rahal believes the team has identified the problems with the setup of its car. It has a deep engineering staff but hasn’t had a chance to develop the damper program and other important areas that provide a competition setup.

Takuma Sato, the winner of the 101stIndianapolis 500 when he was with Andretti Autosport, scored the team’s only victory in 2018 with a win in the Portland Grand Prix. The two are back this year and have built a respect for each other.

“He’s a good guy,” Rahal said of Sato. “Other than Helio Castroneves, Takuma is probably the happiest man on the planet. He’s a great guy and fits in well with our organization. We pride ourselves on being a family and he fits in extremely well to that.

“We need to do a better job for him as a team. He won a race last year, but we can both do better to win with both cars.

“The Andretti cars are the best right now and the Penske cars will be good. We have a lot of space to close up on those two teams but hopefully, we can do it.”