Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

Mosley would have kept Ecclestone at F1 helm

Published 02/04/2017, 08:02 AM
Updated 02/04/2017, 08:10 AM
© Reuters. FILE PHOTO - Formula One Chief Executive Ecclestone arrives back in courtroom after an ajournment at regional court in Munich

By Alan Baldwin

LONDON (Reuters) - Formula One's new owners Liberty Media (NASDAQ:FWONA) may have made a mistake in ousting commercial supremo Bernie Ecclestone immediately after completing their takeover of the sport, according to former FIA president Max Mosley.

Ecclestone, 86, was replaced by American Chase Carey on Jan. 23 as chief executive of Formula One and appointed 'Emeritus Chairman' - a position without a clearly defined role for the Briton.

Liberty have, however, said they hope Ecclestone will continue to offer advice to the board.

"If it had been me in the case of Liberty, I’d have kept Bernie on to do the things that he’s superbly good at - such as dealing with the promoters and the organizers and all that side of it," Mosley told Reuters.

The Briton, a close ally of Ecclestone while running the governing body, said Liberty could have concentrated on "doing the things that up to now have not been done" in Formula One such as virtual reality and digital technology.

"But of course they bought a business and are fully entitled to come in and think they can run the whole business better and we’ll just have to see what happens," added the 76-year-old, speaking at F1's annual Zoom charity auction on Friday night.

Mosley, who stood down as president of the International Automobile Federation in 2009, cautioned against too much rapid change in the sport.

Liberty have spoken about increasing the number of grands prix, particularly in the Americas, changing the weekend format and giving every round of the championship the 'Super Bowl' treatment.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Carey, who has appointed former ESPN executive Sean Bratches to run the commercial side with former Mercedes principal Ross Brawn overseeing motorsport matters, has spoken of F1 being like '21 Super Bowls' in a season.

"You’ve always got to be careful, if it ain’t broke don’t fix it. But they are fully aware of that," said Mosley.

"They (Liberty) are serious business people. Whether they can deal with everything better than they could have dealt with it using Bernie for the things he’s good at, and then doing the things that they know about, is an open question. We shall see."

FEW BUMPS

Mosley agreed that Liberty had plenty on their plate in the coming months and might find a few bumps in the road ahead despite their undoubted expertise.

"It always looks easy from the outside," he warned.

"It’s like if I think I could go and fix horse racing. But if you actually go and try and do it, you find there are a whole mass of problems you never even knew about. But maybe they will be very successful and get the job done."

With Super Bowl 51 coming up in Houston on Sunday, Mosley was also wary of comparisons between how the National Football League spectacular is presented over the course of a week and grand prix racing.

"I think that’s easy to say, it’s not quite clear to me what that means," he said of the suggestion that every race could be treated like a Super Bowl, with more razzamatazz and events leading up to it.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"But the Super Bowl...is that so wonderful? I don’t want to be unkind, but Americans always think they can do everything better than anybody else. And they’re not always right as a lot of recent history shows."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.