Bernie Ecclestone’s almost four-decade stint as the man at the helm of Formula One divided opinions.
Some praise him for having grown F1 into one of the world’s biggest sports, rebranding it from a life-threatening sport into an enthralling showpiece.
Others, though, pillory the Briton for running F1 like a dictator, for neglecting digital platforms and for implementing inane rules over the years, such as the elimination qualifying format introduced last year.
But the 86-year-old, who was replaced as chief executive officer by Chase Carey last week in a surprise move, launched a stern defence of his legacy.
For the diminutive wheeler-dealer with the razor-sharp wit, it all comes down to dollars and cents.
In a phone interview with The Straits Times last Friday, he said: “I did what I thought was right for the shareholders. I made them a lot of money, which is what I was supposed to do as CEO. I made F1 into a multi-billion business. I delivered.
“Now it seems maybe that’s not good enough for the new owners. It’s not what Liberty wants to do.”
United States company Liberty Media completed its US$8 billion (S$11.4 billion) takeover of F1 last week and immediately replaced Ecclestone with Carey, who is also vice-chairman of 21st Century Fox.
This, despite earlier indications that the former F1 chief would stay on for about three years to ensure a smooth transition.
In his first interview since being replaced, Ecclestone told ST he was surprised at the move.
But he conceded that the sport will benefit if Liberty can achieve what they promise to do.
“Their ideas are good but it wasn’t a position I could adopt. I was supposed to be producing, as CEO, maximum income,” said Ecclestone.
With a hint of sarcasm, he added: “I’d like to see what they want to do. Maybe they’ll make it such that promoters won’t pay as much and teams won’t get that much money.”
The new owners are expected to boost commercial revenue by ramping up marketing efforts, with Carey having said earlier that each race should be turbo-charged into a Super Bowl-like event.
In addition, there are plans to hold more races in the US, with New York, Miami and Las Vegas touted as possible venues. The Austin Grand Prix is the only US race on the F1 calendar.
Ecclestone also quashed rumours that he would start a new rival series. In a statement to Reuters, he said: “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.”
Part of his legacy includes bringing F1 to new countries, such as Singapore. The Republic’s current deal with F1 runs out this year and no new deal has been announced.
While he told ST last November that talks would be sorted out by the end of 2016, this time Ecclestone would only say: “Of course I hope it continues but I’m not dealing with those talks right now.
“You should speak to Mr Ong,” he added, referring to Ong Beng Seng, the hotelier who backs race promoter Singapore GP (SGP).
SGP did not respond by press time.
Read Also: Formula One: Bernie Ecclestone admits he was ‘surprised’ at being replaced as F1 chief executive
siangyee@sph.com.sg
This article was first published on January 30, 2017.
Get a copy of The Straits Times or go to straitstimes.com for more stories.
