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Formula One owners CVC Capital Partners are planning to sell a large part of their controlling 35.5 % stake in the sport. They were associated with Bernie Ecclestone for 40 years. According to an insider, the new investors will have a “view of the value of the sport”.
Ecclestone is currently facing bribery charges in a Munich court. Regardless of the verdict, the private equity firm does not want Ecclestone to be a part of the setup any longer.
The company is concerned about the embarrassment it might cause to the sport as HM revenue and customs are likely to ask questions about his complex tax affairs. The Englishman turns 84 this year.
Although there is no news on the successor to Ecclestone, there were reports which suggested Red Bull’s Christian Horner could succeed him. Many believe he does not have the corporate background that is necessary for the job.
The departure of Ecclestone is expected to bring in drastic changes in the way F1 will be run in the future. The F1 has no marketing department despite having a turnover of £1bn.
With the reduction in TV audiences, smaller teams struggling for survival and F1 administrator’s inability to understand the social media, it is not looking good for the sport at the moment.
Mercedes motorsport Chief Toto Wolff spoke to the F1 supremo. “I had quite a long row with Bernie in a meeting. We have lost 30% of TV audience in Italy and we have lost some of the audience in Germany – although interestingly the UK is growing. Sure the [social media] model does not work yet as you cannot monetise it, but it is just a matter of time.”
Ecclestone’s control of Formula 1 for over 40 years is remarkable. But the times have definitely changed and he is seen as a hindrance to the growth of the sport.
Ecclestone’s court case in Munich is making more headlines than this week’s British Grand Prix.
He is accused of bribing former banker Gerhard Gribkowsky with $44m (£26m) in return for easing the sale of a stake in F1 to CVC eight years ago.
