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Ecclestone's Tenure As F1 CEO Appears Near End With Approval Of Sale To Liberty Media

F1 CEO Bernie Ecclestone’s role with the racing body appears to be "at an end," as the FIA yesterday "unanimously approved the sale of the sport's commercial rights to Liberty Media," according to Oliver Brown of the London TELEGRAPH. Liberty is "expected to complete their takeover in time for the season-opening Australian Grand Prix in March and to begin sidelining Ecclestone from power." F1 Chair Chase Carey is "expected to appoint an executive in [the] coming days to take charge of marketing, sponsorship and media rights deals." Former ESPN Exec VP/Sales & Marketing Sean Bratches has been "linked to the role." Meanwhile, Carey is "considering the expansion of the schedule from 20 races a year to 25," with events in Miami, Las Vegas and L.A., to "exploit Liberty’s contacts in those markets and create 'destination events' -- and to give each one Super Bowl levels of promotion." Liberty has also "expressed a desire to safeguard F1’s historic European races." Liberty bought an 18.7% stake from F1’s previous owner, CVC Capital Partners, in September and is "expected to complete a cash and shares deal" by the end of Q1 (London TELEGRAPH, 1/19). REUTERS' Alan Baldwin noted the Liberty deal, which still "needs the approval" of European anti-trust regulators, has been valued at $8B and "represents a major shake-up in the sport." Liberty shareholders on Tuesday voted to "approve funding and changes related to the takeover." The FIA said that Liberty reps had "made a detailed presentation of their strategy to the council" (REUTERS, 1/18).

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