Who is Bernie Ecclestone? A closer look at the former Formula One chief
Bernie Ecclestone is a name that is synonymous with Formula One. The former CEO and owner of the commercial rights of the Formula One group, Ecclestone is a prominent figure in the world of motorsports. Born in 1930, he left school at age 16 to pursue an amateur career in motorcycling, and later made a name for himself in the racing industry as a team owner, promoter, and executive.
Formula One Group
The Formula One Group is responsible for the promotion of the FIA Formula One World Championship, one of the most prestigious motorsport events in the world. For 40 years, Ecclestone served as the Chief Executive of the Formula One Group and played a crucial role in the growth and commercial success of the sport. He was also the owner of a large part of the F1 company shares.
Brabham Team and Motor Racing Developments
In 1972, Ecclestone bought the Brabham team, which went on to win two Formula One world championships in 1981 and 1983. Ecclestone also founded Motor Racing Developments, a company that designed and built racing cars for third parties. In 1988, he sold MRD to Alfa Romeo.
Formula 1 Ownership
Ecclestone took over the ownership of the commercial rights of Formula One from the teams in the 1990s. In 2000, he leased the commercial rights for 110 years for $360 million. He transferred ownership of the Formula One businesses to his ex-wife, Slavica Ecclestone, in preparation for a 1997 flotation of the group.
The Concorde Agreement is a contract between FIA, the Formula One teams, and the Formula One Administration. The Concorde Agreement defines the agreement about how the teams race and how the money is divided up. The money includes television revenue and prize money. In 2004, Ecclestone offered a payment of GB£260,000,000 over three years if all the teams would renew the Concorde Agreement.
Sold for more than $2.5 billion
Ecclestone sold his shares in the Formula One Group for over $2.5 billion in several transactions from 1999 to 2005. The F1 company is now owned by Liberty Media, and Ecclestone was replaced by Chase Carey as CEO of the Formula One Group in 2017. However, he remains as chairman emeritus and an adviser to the board.
In 2018, Ecclestone attempted to purchase the British Grand Prix, but was told it was not for sale. The British Grand Prix is a race in the calendar of the FIA Formula One World Championship and is currently held at the Silverstone Circuit, which is owned by the British Racing Drivers’ Club (BRDC). The contract for the British Grand Prix has not been renewed yet.
Bernie Ecclestone Net Worth
As of 2023, Bernie Ecclestone’s net worth is estimated at $3 billion. His assets include a large yacht, a Dassault Falcon 7X private jet, and a large real estate portfolio.
Aside from his passion for Formula One, Ecclestone is also known for his impressive car collection, which includes a Ferrari F12 with private license plates F12 BCE and many historic racing cars.
With his contribution to the world of Formula One, Ecclestone will always be remembered as a trailblazer and a true legend
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