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Bernie Ecclestone The latest Formula 1 news about Bernie Ecclestone

Bernard Charles Ecclestone has had a storied career in motorsport and is rightly regarded as the man who made F1 what it is today. The Brit was replaced from his position of chief executive of the Formula One Group in 2016 when Liberty Media took over the commercial rights to the sport. Worth an estimated $3.2 billion, Ecclestone has certainly done well for himself.

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Felipe Massa sharply criticised as Bernie Ecclestone rubbishes 2008 title court case
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Ecclestone started his career trading spare motorcycle parts. He would also contest several Formula 3 events, though he would not win anything noteworthy. Ecclestone stepped away from the cockpit to focus on his business interests and began managing drivers, the first of whom was Englishman Stuart Lewis-Evans. Lewis-Evans however would pass away from burns sustained at the 1958 Moroccan Grand Prix and Ecclestone would leave motorsport.

He returned to manage Jochen Rindt, who would become F1’s only posthumous champion after he crashed at the 1970 Italian Grand Prix.

Ecclestone would then purchase a stake in the Brabham team, though he eventually owned the team outright after the departure of Ron Tauranac in 1972. Brabham would go on to win two drivers’ titles with Nelson Piquet in 1981 and 1983 before Ecclestone sold the team in 1988 for over $5 million.

In conjunction with running the Brabham team, Ecclestone also began making a series of shrewd political moves, which would eventually give him authority in negotiating television rights for grand prix events. With Max Mosely at his side, Ecclestone was able to structure what he called the ‘Concorde Agreement’. The fourth version of this agreement was how Ecclestone was able to exert his dominance over the sport as for an annual payment to both the FIA and the teams, Ecclestone retained sole control over the television rights.

Despite coming under heavy criticism over his career, most notably by the BRDC in relation to Silverstone and the British Grand Prix, Ecclestone’s time in the sport has made Formula 1 what it is today. He made significant improvements in relation to the safety standards at the race track and developed the brand into a multi-billion dollar entity.

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