Bernie Ecclestone denies planning to set up rival series to F1

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Recently-deposed Formula 1 CEO Bernie Ecclestone has issued a statement to clear up speculation suggesting that he is planning to set up a rival championship.

Ecclestone resigned as F1 CEO on Monday after over 40 years at the helm of the sport, making way for American executive Chase Carey to take over the role following the completion of Liberty Media’s takeover.

In his first comments since his exit was confirmed on Monday, Ecclestone issued a statement responding to speculation that he could create a rival series to F1.

“I wish to clear up the rumors that I am starting a series to compete against the FIA Formula One World Championship,” Ecclestone said, as per Press Association.

“I have built the championship over the last near 50 years, which is something I am proud of, and the last thing I want is to see it damaged.

“The new owner of the company will be able to carry out the administration of the company in a different way to the way I had, which was to produce financial results for the shareholders, the normal actions of a chief executive.

“This, I have done for the different shareholders over the last years and also when I owned 100 per cent of the company. I would have loved the luxury of what Chase Carey, the CEO, is able to do.

“I hope the F1 supporters appreciate this as Chase intends to put money back into the sport.

“I am very touched by the support and thanks that I have received from the people that I have dealt with over the years.”