British businessman Bernard Charles Ecclestone amassed impressive wealth by marketing television rights for sporting events sponsored by the Formula One Constructors Association. He recently reflected upon his fascinating career during an interview posted on the F1 Insider website. His efforts helped build the auto racing franchise into a multi-billion dollar venture. Formula One earned $16.2 billion between 1999 and 2013.
Humble Beginnings
The son of a Suffolk fisherman, “Bernie” Ecclestone recalled growing up in a working-class household. As a child, he raised money by selling newspapers. He eventually formed a motorcycle dealership and later also owned an auto auction firm. Early in his career, he purchased the Connaught racing team. He even briefly participated in the sport as a driver and a manager. He purchased the Brabham team in 1972, laying the foundation for his future active participation in F1CA, the Formula One Constructors Association. When the F1CA sought to provide a voice for racing teams in dealing with track owners, he quickly became its leading spokesman.
Raising The Profile of Formula One Racing
Bernie Ecclestone gained media prominence when he led the negotiations between the Formula One Constructors Association and media broadcast outlets. With the assistance of a legal advisor, he negotiated lucrative contracts for the auto racing franchise during the 1970s and 1980s. His successes helped team owners and drivers prosper. Formula One gained public visibility and recognition during this period. In 1988, Bernie Ecclestone sold his Brabham team (acquired for around $120,000) for the considerably appreciated price of over $5 million. The increase in value testified to the growing importance of Formula One races. He remained actively involved in the sport as a leading business executive until his departure from the Formula One Group in 2017 soon after its acquisition by Liberty Media.
Vivid Memories
During his recent interview, the 88-year old expressed sorrow over the deaths of some popular drivers in tragic accidents. The loss of Jochen Rindt and Ayrton Senna still disturbs him. The former died in Monza in 1970 and the latter suffered a fatal crash at Imola in 1994. He agreed Michael Schumacher, who earned seven titles, helped attract new fans to Formula One racing. He feels drivers today sometimes appear unwilling to contradict their sponsors in public, noting he believes everyone should express their opinions candidly. He praised Sebastian Vettel’s potential to enjoy future racetrack victories, despite some recent setbacks at the time of the interview.
Hybrid Engines, Mercedes And Social Media
During the interview, Bernie Ecclestone credited Mercedes Benz with excellent engineering capabilities. He believes the automaker has contributed significantly to Formula One racing. In his opinion, the sport needs to continue serving fundamentally as a source of entertainment. The interview briefly touched upon his unwillingness to utilize social media. Mr. Ecclestone rejects mobile technology as a promotional platform for Formula One events. Instead, he maintains big screens showcase these auto races more effectively!