Liberty Media complete takeover with Chase Carey replacing Bernie Ecclestone as CEO
By: S.Harding, Xiro Xone News January 23, 2017 Updated: 4:14 PM
Liberty Media have announced they have completed their acquisition of F1, with Chase Carey, replacing Bernie Ecclestone as Chief Executive Officer, the company confirmed on Monday. Last week Liberty cleared their last hurdle, after the sale was approved by the FIA.
A statement by Liberty Media confirmed the takeover is complete and Ecclestone would be taking up a new role as chairman emeritus, with Formula One chairman Chase Carey as chief executive.
“Liberty Media announced today that Liberty Media has completed its previously announced acquisition of F1, the iconic global motorsports business, from a consortium of sellers (the "Selling Shareholders"). F1 has appointed Chase Carey as Chief Executive Officer of F1, in addition to his existing role as Chairman, and Bernie Ecclestone as Chairman Emeritus of F1. Bernie Ecclestone, who has given valuable service to F1 over many years, will be available as a source of advice for the board of F1.”
Chase Carey, Chairman and CEO of F1, 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 recognise 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, said:
"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."
Bernie Ecclestone, Chairman Emeritus of F1, added:
"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. 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."
Ecclestone, has been the driving force transforming the sport into a multibillion-dollar enterprise with millions of fans around the world.
Liberty, said they expect the group name change and the symbol change to occur later this week, they have also said that F1 will remain based in London with Greg Maffei as Deputy Chair of the board of F1.
Liberty are hoping to expand Formula One in the United States, improve the sport’s reach on social media.