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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.

James Hinchcliffe on Andretti: ‘It’s certainly the place I want to be’

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Since before the start of the 2020 NTT IndyCar Series season, James Hinchcliffe tirelessly has worked to ensure the future would include a full-time return in 2021.

And with an opportunity to run the final three races this season with Andretti Autosport, there seems a surefire (albeit unlikely) path.

“If I go out and win all three,” Hinchcliffe joked with IndyCar on NBC announcer Leigh Diffey in an interview Friday (watch the video above), “it would be hard for them to say no, right?”

Regardless of whether he can go unbeaten at the Indianapolis Motor Speedway road course next weekend or the Oct. 25 season finale at St. Petersburg, Florida (where he earned his first career win in 2013), Hinchcliffe will have the chance to improve his stock with the team that he knows well and now has an opening among its five cars for 2021.

All three of Hinchcliffe’s starts this season — the June 6 season opener at Texas Motor Speedway, July 4 at the IMS road course and the Indianapolis 500 — were with Andretti, where he ran full time in IndyCar from 2012-14.

“Obviously, the plan from January 2020 was already working on ’21 and trying to be in a full-time program,” he said. “I’ve really enjoyed being reunited with Andretti Autosport, and everybody there has been so supportive. It’s been a very fun year for me on track. It’s been kind of a breath of fresh air in a lot of ways.

“It’s certainly the place I want to be moving forward. We’ve been working on that, working on those conversations. Genesys has been an incredible partner in my three races. We’ll be representing Gainbridge primarily, but Genesys will still have a position on our car in the last three.”

Gainbridge is the primary sponsor of the No. 26 Dallara-Honda that was vacated by Zach Veach, who left the team after it was determined he wouldn’t return in 2021. Hinchcliffe can empathize having lost his ride with Arrow McLaren SP after last season with a year left on his deal.

“You never want to earn a ride at the expense of somebody else in the sense that has happened here with Zach,” Hinchcliffe said. “I feel bad that he’s not able to see out the last three races of his season. I’ve got a lot of respect for him off track. He’s been a teammate this year, a colleague for years before that and honestly a friend for years before that. I’ve got a lot of time for him and his family. I understand a little bit of what it’s like in that position and what he’s going through.”

Hinchcliffe is ready to seize the moment, though, starting with the Oct. 2-3 doubleheader race weekend at Indianapolis Motor Speedway. He had been hoping to add the Harvest Indy Grand Prix to his schedule and had been working out for the possibility.

“Then last week I had given up hope (and) was resigned that wasn’t happening,” he said. “I told my trainer, ‘I think we’re done for this year.’ Three days later, this call comes. I’m glad we didn’t make that decision too early. I feel great physically.

“I look at it as a great opportunity to continue to show I’ve still got what it takes and should be there hopefully full time next year on the grid.”

Watch Hinchliffe’s video with Leigh Diffey above or by clicking here.